Employer hires a home inspector as an independent contractor to provide inspection services for third parties as specified in the Agreement.
New Mexico Home Inspection Services Contract - Self-Employed
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US-INDC-190
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How to fill out New Mexico Home Inspection Services Contract - Self-Employed?
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Goods that are subject to sales tax in New Mexico include physical property, like furniture, home appliances, and motor vehicles. Prescription medicine, groceries, and gasoline are all tax-exempt. New Mexico is unique in the fact that the state requires gross receipts tax to be paid on all services.
Add up all the payments you have received each month from your contract and freelance work. Multiply that amount by the 10.4 percent you must pay in Social Security taxes. This 10.4 percent figure represents the 4.2 percent levy you pay as an employee, plus the extra 6.2 percent you pay as an employer.
In New Mexico, pay received by independent contractors is subject to gross receipts tax unless a statutory exemption or deduction applies to a transaction. Employee wages are exempt from gross receipts tax.
The average annual salary for a home inspector in the state of New Mexico is $49,100 per year or $23.61 per hour.
New Mexico is now the 28th state to require the licensing of home inspectors. Prior to the passage of the legislation, home inspectors in New Mexico had to meet just two criteria: The first was that they had to be at least 18-years of age so they could legally contract to do the work.
Paying Taxes as an Independent Contractor You'll need to file a tax return with the IRS if your net earnings from self-employment are $400 or more. Along with your Form 1040, you'll file a Schedule C to calculate your net income or loss for your business.
A homeowner may apply for a permit as the general contractor to build, construct, alter, repair, demolish or make installations to a single-family dwelling only at the location of the homeowner's primary residence.
New Mexico does not have a sales tax. It has a gross receipts tax instead. This tax is imposed on persons engaged in business in New Mexico. In almost every case, the person engaged in business passes the tax to the consumer either separately stated or as part of the selling price.
Home Inspector LicensingComplete InterNACHI's state-approved free, online pre-licensing course.Pass the National Home Inspector Exam or the proctored version of InterNACHI's Online Inspector Exam.Complete 80 hours of field experience, including 30 parallel inspections with a licensed home inspector.
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