New Mexico Prepayment Agreement
Description
How to fill out Prepayment Agreement?
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FAQ
When an employee is discharged, unpaid wages become due immediately if demanded and must be paid no later than five days after discharge, for fixed or definite amounts. N.M. Stat. § 50-4-4. All other wages of discharged employees shall be made within ten days of discharge.
This means that even if an employee works 12 hours in one workday, he is not entitled to overtime pay unless he works more than 40 hours in that week. New Mexico wage law prohibits employers from requiring an employee to work more than 16 hours in a day, except in emergency situations.
Installment Agreements: Installment agreements are formal, written agreements between you and the state. Installment agreements allow you up to 72 months to pay tax debts. This type of agreement requires a lien to be filed on the balance or acceptable security prior to being granted.
No prepayment penalty on home loans. No provision in a home loan, the evidence of indebtedness of a home loan, a real estate contract or an obligation secured by a real estate mortgage requiring a penalty or premium for prepayment of the balance of the indebtedness is enforceable.
Not required by state law. Employers are not required by law to pay unused employee benefits. Nevertheless, if an employer has a PTO policy that allows for accruing vacation or other PTO, any unused amount is considered earned wages and must be paid in the final paycheck.
An employer shall provide an employee with a written receipt that identifies the employer and sets forth the employee's gross pay, the number of hours worked by the employee, the total wages and benefits earned by the employee and an itemized listing of all deductions withheld from the employee's gross pay.
New Mexico Meal & Rest Breaks New Mexico labor laws do not require employers to provide any meal or rest breaks for employees.