New Mexico Payroll Tax Calculator
Calculate payroll taxes in New Mexico. See FICA, federal withholding, and New Mexico state tax up to 5.9%. Employer cost breakdown included.
How This Calculator Works
Calculation methodology and assumptions
Payroll tax calculator for New Mexico. Employee taxes: Social Security 6.2% (up to $168,600 wage base), Medicare 1.45% (+ 0.9% Additional Medicare Tax above $200,000), federal income tax withholding, and New Mexico state income tax up to 5.9%. Employer taxes: matching FICA (6.2% SS + 1.45% Medicare), FUTA (0.6% on first $7,000), and state unemployment insurance.
Key State Information
New Mexico payroll facts: State income tax up to 5.9%. Median household income: $54,020. State minimum wage: $12/hr (above federal $7.25).
Frequently Asked Questions
What payroll taxes do employers pay in New Mexico?
New Mexico employers pay: Social Security (6.2% up to $168,600), Medicare (1.45%), FUTA (0.6% on first $7,000), and state unemployment insurance (SUTA). Employers must also withhold New Mexico state income tax from employee paychecks.
How much does an employee cost beyond salary in New Mexico?
Employer payroll taxes typically add 7.65-10% to salary costs (FICA match + FUTA/SUTA). On a $54,020 salary, expect $4,592-$5,402 in additional employer taxes annually.
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