If you make $70,000 a year living in New Mexico as a single filer, you will be taxed $12,888. Your average tax rate is 14.93% and your marginal tax rate is 22%.

Annual income tax would decrease by $16, or 12%, to $136 for a couple with taxable income of $8,000, the agency said. A wealthier couple with an annual taxable income of $400,000 would save about ...

New Mexico state tax: Overview. New Mexico’s income tax tops out at 5.9 percent, but there’s a unique perk for those who hit a major milestone. ... New Mexico has a 4.88% sales tax rate.

Nine states — Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming — do not have an income tax. One caveat to note: Washington has a tax rate of 7% to ...

Nebraska's income tax rate was cut to 5.2%, down from 5.84% last year. New Mexico will retain its graduated income tax rate, with two of its six income brackets seeing a decrease in 2025.

New Mexico ranks around the middle of the pack in terms of income tax, with a max marginal individual income tax rate set at 5.9%, according to an analysis by the Tax Foundation.

Note: Connecticut and New York practice tax-benefit recapture, where some high earners pay the top tax rate on all of their eligible income. Factors affecting state income tax rates. How much you ...

If you make $74,000 a year living in New Mexico you will be taxed $11,252. Your average tax rate is 11.54% and your marginal tax rate is 22%. This marginal tax rate means that your immediate ...

Missouri is another state with a smaller cut this year, down to 4.7% from 4.8%.. Nebraska's income tax rate was cut to 5.2%, down from 5.84% last year.. New Mexico will retain its graduated income ...