2018 SWT
Instructions for New Mexico State tax rates.
In this Topic Hide
Use the amounts displayed in the following table to update the Calculation table with the state withholding rates and modifiers.
New Mexico State Withholding tables:
Single
Married
TABLE 1: NEW MEXICO WITHHOLDING TAX RATES—SINGLE
Line No |
Wages Not Over |
Tax Amount |
Tax Rates |
1 |
3,700.00 |
0.00 |
0.00% |
2 |
9,200.00 |
0.00 |
1.70% |
3 |
14,700.00 |
93.50 |
3.20% |
4 |
19,700.00 |
269.50 |
4.70% |
5 |
29,700.00 |
504.50 |
4.90% |
6 |
45,700.00 |
994.50 |
4.90% |
7 |
68,700.00 |
1,778.50 |
4.90% |
8 |
9,999,999.99 |
2,905.50 |
4.90% |
Do this...
1. Open Connect Payroll > Organization > Calculation Tables.
2. Click New Mexico Single Withholding Tax Rates.
3. Enter the Not Over amount for the first row.
4. Enter the Tax Amount.
5. Enter the Tax Rate.
6. When you press Enter, the cursor displays in the Tax Rate field.
The next row of information displays.
7. Repeat steps 1 to 6 until the calculation table looks like this...
New Mexico (NM) Single Withholding Tax Rates—Calculation Table tab
8. Click the Modifiers tab.
9. Change the Allowance Amount to 4,150.00.
It will look like this when you’re done...
New Mexico (NM) Single Withholding Tax Rates Modifier
You have updated the state withholding tax rates and modifiers.
Updated 12Jun2018
TABLE 2: NEW MEXICO STATE WITHHOLDING RATES—MARRIED
Line No |
Wages Not Over |
Tax Amount |
Tax Rates |
1 |
11,550.00 |
0.00 |
0.00% |
2 |
19,550.00 |
0.00 |
1.70% |
3 |
27,550.00 |
136.00 |
3.20% |
4 |
35,550.00 |
392.00 |
4.70% |
5 |
51,550.00 |
768.00 |
4.90% |
6 |
75,550.00 |
1,552.00 |
4.90% |
7 |
111,550.00 |
2,728.00 |
4.90% |
8 |
9,999,999.99 |
4,492.00 |
4.90% |
Do this...
1. Open Connect Payroll > Organization > Calculation Tables.
2. Click New Mexico Married Withholding Tax Rates.
3. Enter the Not Over amount for the first row.
4. Enter the Tax Amount.
5. Enter the Tax Rate.
6. When you press Enter, the cursor displays in the Tax Rate field.
The next row of information displays.
7. Repeat steps 1 to 6 until the calculation table looks like this...
New Mexico (NM) Married State Withholding Rates–Calculation Table tab
8. Click the Modifiers tab.
9. Change the Allowance Amount to 4,150.00
It will look like this when you’re done...
New Mexico (NM) Married State Withholding Tax Rate Modifier
Updated 12Jun2018
Update the calculation formula to use the new formula to calculate the state withholding rates.
Do this...
1. Open Connect Payroll > Organization > Calculation Formulas.
2. Select the Utah State Withholding formula.
3. Click the Calculation Formula tab.
4. Click Select.
Select button
5. When you are prompted to replace the existing formula with master, click Yes.
Replace Formula
The Import Master form displays.
6. Select the New Mexico State Withholding formula and then click OK.
Import Master form
The latest version of the calculation formula that is saved in the application displays on the screen.
New Mexico State Withholding Master Formula
7. Review the calculation formula carefully.
You’ll want to make sure the calculation formula in the Payroll application looks exactly like the calculation formula, shown below.
Var1 = MAX(0, WagesCurrPer - ((CurrentExemptions + CurrentAdditionalExemptions) * Modifier1))
Result =Table(Var1)
Does the formula in Payroll match the formula shown above?
Yes, it matches. That’s good news.
No, it doesn’t match. Copy and paste the formula, displayed above, into the Formula field.
9. Click Save.
You have finished updating the tax calculation formula.
Updated 12Jun2018