Tax rate used in calculating New Mexico state tax for year 2016

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Withholding Formula >(New Mexico Effective 2016)<

1. Subtract the nontaxable biweekly Thrift Savings Plan contribution from the gross biweekly wages.
   
   
2. Subtract the nontaxable biweekly Federal Health Benefits Plan payment(s) (includes dental and vision insurance program and flexible spending account - health care and dependent care deductions) from the amount computed in step 1.
   
   
3. Add the taxable biweekly fringe benefits (taxable life insurance, etc.) to the amount computed in step 2 to obtain the adjusted gross biweekly wages.
   
   
4. Multiply the adjusted gross biweekly wages times 26 to obtain the gross annual wages.
   
   
5. Determine the exemption allowance by applying the following guideline and subtract this amount from the gross annual wages to compute the taxable income.

   Exemption Allowance =>$4,050< x Number of Exemptions

6. Apply the taxable income computed in step 5 to the following table to determine the annual New Mexico tax withholding.
   
   

Tax Withholding Table Single or Head of Household
If the Amount of Taxable Income Is:		The Amount of New Mexico Tax Withholding Should Be:
Over:	But Not Over:	blank	blank	blank	Of Excess Over:
$          0	$>  2,250	$        0	plus	0.0%	$         0
2,250	7,750	0	plus	1.7%	>   2,250
7,750	13,250	93.50	plus	3.2%	7,750
13,250	18,250	269.50	plus	4.7%	13,250
18,250 <	and over	504.50	plus	4.9%	18,250 <





Married
If the Amount of Taxable Income Is:		The Amount of New Mexico Tax Withholding Should Be:
Over:	But Not Over:	blank	blank	blank	Of Excess Over:
$         0	$ > 8,550	$   0.00	plus	0%	$         0
8,550	16,550	0.00	plus	1.7%	>  8,450
16,550	24,550	136.00	plus	3.2%	16,550
24,550	32,550	392.00	plus	4.7%	24,550
32,550 <	and over	768.00	plus	4.9%	32,550 <



7. Divide the annual New Mexico tax withholding by 26 to obtain the biweekly New Mexico tax withholding.