Loading
Tap on the profile icon to edit
your financial details.

New Mexico Paycheck Calculator

Your Details Done

Use SmartAsset's paycheck calculator to calculate your take home pay per paycheck for both salary and hourly jobs after taking into account federal, state, and local taxes.

Overview of New Mexico Taxes

New Mexico has a progressive income tax system, with four brackets dependent on income level and filing status. The tax rates, which vary from 1.7% to 4.9%, are ranked in the bottom 20 in the U.S. No New Mexico cities levy local income taxes.

Work Info
Add your details
Marital Status
Marital Status
Enter your marital status
Do this later
Dismiss
Job
Add your details
Location
Location
Enter your location Do this later
Dismiss
Add your details
Elected State Percentage
Do this later
Dismiss
Add your details
Dependents

Do this later
Dismiss
Add your details
Pay Frequency
Do this later
Dismiss
Add your details
Allowances
Federal
State
Additional State
Local

Do this later
Dismiss
Add your details
Are you exempt from any taxes?
Do this later
Dismiss
Type
Salary (per year)
Dismiss
Hourly Wage
Dismiss

Hours (per pay period)
Dismiss

Overtime Hourly Wage
Dismiss

Overtime Hours (per pay period)
Dismiss

You can't withhold more than your earnings. Please adjust your .

Your estimated -- take home pay:
$--

Where is your money going?
Gross Paycheck $--
Taxes --% $--
Federal Income --% $--
State Income --% $--
Local Income --% $--
FICA and State Insurance Taxes --% $--
Social Security --% $--
Medicare --% $--
State Disability Insurance Tax --% $--
State Unemployment Insurance Tax --% $--
State Family Leave Insurance Tax --% $--
State Workers Compensation Insurance Tax --% $--
Pre-Tax Deductions --% $--
Post-Tax Deductions --% $--
Take Home Salary --% $--
  • Our Tax Expert

    Jennifer Mansfield, CPA Tax

    Jennifer Mansfield, CPA, JD/LLM-Tax, is a Certified Public Accountant with more than 30 years of experience providing tax advice. SmartAsset’s tax expert has a degree in Accounting and Business/Management from the University of Wyoming, as well as both a Masters in Tax Laws and a Juris Doctorate from Georgetown University Law Center. Jennifer has mostly worked in public accounting firms, including Ernst & Young and Deloitte. She is passionate about helping provide people and businesses with valuable accounting and tax advice to allow them to prosper financially. Jennifer lives in Arizona and was recently named to the Greater Tucson Leadership Program.

    ...read more
Save more with these rates that beat the National Average
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
Unfortunately, we are currently unable to find savings account that fit your criteria. Please change your search criteria and try again.
Searching for accounts...
Ad Disclosure
How helpful was this page in answering your question?
not helpful
very helpful
​If you could change one thing about ​this page what would it be?​
Thank you for your answer! Your feedback is very important to us.
We are working hard to improve our product and could use your help!
We pay $30 for 30 minutes on the phone to hear your thoughts on what we can do better.
Please enter your email if you'd like to be contacted to help.

Please enter your name

New Mexico Paycheck Calculator

Photo credit: ©iStock.com/River North Photography
New Mexico Paycheck Quick Facts
  • New Mexico income tax rate: 1.7% - 4.9%
  • Median household income: $46,718 (U.S. Census Bureau)
  • Number of cities that have local income taxes: 0

How Your New Mexico Paycheck Works

When you get a new job in New Mexico, you will have to fill out a W-4 form. This is the form that your employer will use to figure out how much money to withhold from your paychecks for federal income taxes. That money goes to the IRS, which counts it toward your annual income taxes. There are a number of factors that affect how much you pay in federal income taxes, including your salary, your marital status and how many allowances you claim.

Keep in mind that withholding calculations for federal income tax changed for the 2018 tax year because of President Trump’s new tax plan. You should have already seen changes to your paycheck starting in early 2018, but it’s a good idea to check your W-4 just to make sure everything is still accurate.

Whether you are married or single and if you have children or not are two factors that determine how many allowances you qualify for. The more allowances you claim, the less you pay in taxes and the bigger your paycheck is. But if you claim more allowances than you’re supposed to, you’re going to underpay in your taxes all year find yourself with a bill come tax season.

You should also be aware that you can’t claim the same allowances at different jobs. So if you have more than one job, you have to decide which allowances you want to take at which job. For example, let’s say you have two jobs and you want to claim two total allowances. You can either split those allowances and claim one at each job, or you can claim both at one job and none at the other. The same goes for joint filers. You have to split your combined allowances among your employers.

Your employer also withholds FICA taxes from your paychecks. Medicare and Social Security taxes together make up FICA taxes. Medicare tax is 1.45% of your wages and Social Security tax is 6.2% of your wages. Your employer will match that amount so your total contribution is double what you actually pay. If you earn over $200,000, wages in excess of that amount are subject to a 0.9% Medicare surtax, which employers do not match.

Also consider that your paycheck size depends on how often you get paid. If you get paid biweekly, your checks will be more frequent and smaller than if you get paid once a month.

New Mexico Median Household Income

YearMedian Household Income
2017$46,718
2016$45,674
2015$44,963
2014$44,803
2013$43,872
2012$42,558
2011$41,963
2010$42,090
2009$43,028
2008$43,508

New Mexico has fairly low income tax rates. The state has a progressive tax system with four brackets that are determined by income level and filing status. Single people in the Land of Enchantment pay 1.7% on the first $5,500 of their taxable income; 3.2% on income up to $11,000; and 4.7% on income up to $16,000. The highest tax rate is 4.9% and applies to taxable income over $16,000 (for single filers). The tax rates remain the same for those with other filing statuses but the income levels change.

No cities in New Mexico charge local income taxes, so you don’t have to worry about that.

If you are planning a move to New Mexico or if you are interested in refinancing a property in the state, take a look at our New Mexico mortgage guide. The guide details important information about rates and the different kinds of loans you’ll be considering when getting a mortgage in the state.

Income Tax Brackets

Single Filers
New Mexico Taxable IncomeRate
$0 - $5,5001.70%
$5,500 - $11,0003.20%
$11,000 - $16,0004.70%
$16,000+4.90%
Married, Filing Jointly
New Mexico Taxable IncomeRate
$0 - $8,0001.70%
$8,000 - $16,0003.20%
$16,000 - $24,0004.70%
$24,000+4.90%
Married, Filing Separately
New Mexico Taxable IncomeRate
$0 - $4,0001.70%
$4,000 - $8,0003.20%
$8,000 - $12,0004.70%
$12,000+4.90%
Head of Household
New Mexico Taxable IncomeRate
$0 - $8,0001.70%
$8,000 - $16,0003.20%
$16,000 - $24,0004.70%
$24,000+4.90%

How You Can Affect Your New Mexico Paycheck

If you opt to get benefits from your New Mexico employer, whatever you pay for those benefits will come out of your paycheck. They’ll also come out pre-tax (before income tax is removed). For example if you get health insurance for you and your family through an employer-sponsored plan, your premiums will be deducted from your wages. The same goes for contributions to a retirement plan like a 401(k) or 403(b). Because these retirement accounts are pre-tax, upping your contributions to these will actually lower the amount of your income that is subject to taxes.

You can also shelter more of your money from taxes in a health savings account or a flexible spending account. You can use these accounts to pay for medical-related expenses, like certain prescriptions and co-pays. A word of caution if you have an FSA: only $500 will roll over from year to year, so whatever you put in above that amount is use-it-or-lose-it.

If you are worried about having to pay a lot of taxes in April, you can have your New Mexico employer withhold a dollar amount from each of your paychecks, say $20. This will decrease the size of your paychecks but it will help to spread out your tax burden over the entire year and lower the chances that you are hit with a big bill in tax season.

New Mexico Top Income Tax Rate

YearTop Income Tax Rate
20184.90%
20174.90%
20164.90%
20154.90%
20144.90%
20134.90%
20124.90%
20114.90%
20104.90%
20094.90%
20085.30%
20075.30%
20065.70%

Most Paycheck Friendly Places

SmartAsset's interactive map highlights the most paycheck friendly counties across the country. Zoom between states and the national map to see data points for each region, or look specifically at one of the four factors driving our analysis: Semi-Monthly Paycheck, Purchasing Power, Unemployment Rate, and Income Growth.

Worse
Better
Rank County Semi-Monthly Paycheck Purchasing Power Unemployment Rate Income Growth

Methodology Our study aims to find the most paycheck friendly places in the country. These are places in the country with favorable economic conditions where you get to keep more of the money you make. To find these places we considered four different factors: semi-monthly paycheck, purchasing power, unemployment rate and income growth.

First, we calculated the semi-monthly paycheck for a single individual with two personal allowances. We applied relevant deductions and exemptions before calculating income tax withholding. To better compare withholding across counties we assumed a $50,000 annual income. We then indexed the paycheck amount for each county to reflect the counties with the lowest withholding burden.

We then created a purchasing power index for each county. This reflects the counties with the highest ratio of household income to cost of living. We also created an unemployment rate index that shows the counties with the lowest unemployment. For income growth, we calculated the annual growth in median income over five years for each county and indexed the results.

Finally, we calculated the weighted average of the indices to yield an overall paycheck friendliness score. We used a one half weighting for semi-monthly paycheck and a one-sixth weighting for purchasing power, unemployment rate and income growth. We indexed the final number so higher values reflect the most paycheck friendly places.

Sources: SmartAsset, government websites, US Census Bureau 2017 5-Year American Community Survey, MIT Living Wage Study, Bureau of Labor Statistics