Get Pit-110adjustments To New Mexico Income - Test Trd Newmexico

New Mexico Tax Rates, Collections, and Burdens New Mexico also has a 4.8 percent to 5.9 percent corporate income tax rate. New Mexico has a 5.0 percent state sales tax rate, a max local sales tax rate of 3.813 percent, and an average combined state and local sales tax rate of 7.72 percent.

About the Department The Taxation and Revenue Department serves the State of New Mexico by providing fair and efficient tax and motor vehicle services. It administers more than 35 tax programs and distributes revenue to the State and to local and tribal governments throughout New Mexico.

New Mexico imposes a tax on the net income of every resident and on the net income of every nonresident employed or engaged in business in, into or from this state or deriving any income from any property or employment within this state. The personal income tax is filed using Form PIT-1.

Schedule PIT-B provides a credit against New Mexico tax equal to the New Mexico source income divided by total income everywhere. NOTE: Qualifying residents may be eligible to claim credit for taxes paid to another state.

If you make $50,000 a year living in the region of New Mexico, USA, you will be taxed $9,927. That means that your net pay will be $40,073 per year, or $3,339 per month. Your average tax rate is 19.9% and your marginal tax rate is 25.1%.

If you make $80,000 a year living in the region of New Mexico, USA, you will be taxed $19,819. That means that your net pay will be $60,181 per year, or $5,015 per month.

New Mexico Tax Rates, Collections, and Burdens New Mexico also has a 4.8 percent to 5.9 percent corporate income tax rate. New Mexico has a 5.0 percent state sales tax rate, a max local sales tax rate of 3.813 percent, and an average combined state and local sales tax rate of 7.72 percent.