New Mexico (NM) – 2024

New Mexico Effective 1/1/2023 Federal Effective 7/24/2009

Minimum WageNew MexicoFederal
Minimum Wage$12.00$7.25
Minimum Cash Wage (Tipped Employee)$3.00$2.13
Maximum Tip Credit$9.00$5.12
Youth Minimum Wage$12.00$4.25
State Income TaxNew MexicoFederal
Wage WithholdingTables
Supplemental Wage / Bonus Rate5.90%
Unemployment InsuranceNew MexicoFederal
Maximum 2024 Taxable Earnings (Increased from $30,100 in 2022)$31,700
Employee 2024 DeductionNone
Employer 2024 Tax Rates.33% – 6.4%
Standard 2024 New Employer Rate1.08% or Industry Average, whichever is higher
Voluntary Contribution PermittedNo
Workers Compensation FeeEmployee Assessment – $2.00 per calendar quarter
Employer Assessment – $2.30 for each covered employee, per calendar quarter

Federal (FED) – 2024

Minimum WageFederal
Youth Minimum Wage$4.25
Maximum Tip Credit$5.12
Minimum Cash Wage (Tipped Employee)$2.13
Minimum Wage$7.25
FICA (MEDICARE)Federal
Additional Medicare Tax Withholding on Wages > $200,000 (No Employer Match)0.90%
Maximum Taxable EarningsNo Limit
Employee / Employer Tax Rate (Unchanged from 2023)1.45%
FICA (SOCIAL SECURITY)Federal
Maximum Taxable Earnings (Increased from $160,200 in 2023)$168,600
Employee / Employer Tax Rate (Unchanged from 2023)6.20%
FUTA (EMPLOYER-PAID)Federal
Normal Net Tax0.60%
Maximum Credit5.40%
Percent of Taxable Wages6.00%
Maximum Taxable Earnings$7,000
Health Savings AccountsFederal
Catch-up Contribution Limit (Employee / Employer) (Unchanged from 2023)$1,000
Family Contribution Limit (Employee / Employer) (Increased from $7,750 in 2023)$8,300
Self-Only Contribution Limit (Employee / Employer) (Increased from $3,850 in 2023)$4,150
Pension PlansFederal
Catch-up Contribution Limit – 401(k) & 403(b) plans (age 50 or older) (Increase from 6,500 in 2022)$7,500
Contribution Limit – 401(k) & 403(b) plans (Increased from $22,500 in 2023)$23,000
Supplemental Wage / Bonus RatesFederal
Pay over $1 Million (Unchanged from 2023)37%
Flat Rate Withholding Method (Unchanged from 2023)22%

New Mexico State Resources

Need a Tax Form?

You can download some of the most common tax related forms here.