New Mexico (NM) – 2018

New Mexico

Minimum WageNew MexicoFederal
Minimum Wage$7.50$7.25
Minimum Cash Wage (Tipped Employee)$2.13$2.13
Maximum Tip Credit$5.37$5.12
State Income TaxNew MexicoFederal
Wage WithholdingTables
Supplemental Wage / Bonus Rate4.90%
Unemployment InsuranceNew MexicoFederal
Maximum 2018 Taxable Earnings (Decreased from $24,300 in 2017)$24,200
Employee 2018 DeductionNone
Employer 2018 Tax Rates0.33 – 5.4%
Standard 2018 New Employer RateGreater of 1.0% or Industry Average
Voluntary Contribution PermittedNo
Workers 2018 Compensation Fee:Employee Assessment – $2.00 per calendar quarter Employer Assessment – $2.30 for each covered employee, per calendar quarter

Federal (FED) – 2018

Minimum WageFederal
Youth Minimum Wage$4.25
Maximum Tip Credit$5.12
Minimum Cash Wage (Tipped Employee)$2.13
Minimum Wage$7.25
Additional Medicare Tax Withholding on Wages > $200,000 (No Employer Match)0.90%
Employee / Employer Tax Rate (Unchanged from 2017)1.45%
Maximum Taxable EarningsNo Limit
Employee / Employer Tax Rate (Unchanged from 2017)6.20%
Maximum Taxable Earnings (Increased from $127,200 in 2017)$128,400
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 2017)$1,000
Family Contribution Limit (Employee / Employer) (Increased from $6,750 in 2017)$6,900
Self-Only Contribution Limit (Employee / Employer) (Increased from $3,400 in 2017)$3,450
Supplemental Wage / Bonus RatesFederal
Pay over $1 Million (Decreased from 39.6% in 2017)37%
Flat Rate Withholding Method (Decreased from 25% in 2017)22%

New Mexico State Resources

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