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.

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 ...

LAS CRUCES, N.M. (KFOX14/CBS4) — New Mexico governor Michelle Lujan Grisham signed a bill to exempt social security income from taxation and cut the state's gross receipts tax rate.

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 ...