Nm Payroll Calculator

New Mexico Payroll Calculator

Use this calculator to estimate your net pay after federal and New Mexico state taxes, as well as FICA deductions. This tool provides an approximation and should not be considered official tax advice.

Weekly Bi-Weekly Semi-Monthly Monthly

Single Married Filing Jointly

function calculateNMPayroll() { var grossPay = parseFloat(document.getElementById("grossPay").value); var payFrequency = parseInt(document.getElementById("payFrequency").value); var filingStatus = document.getElementById("filingStatus").value; var dependents = parseInt(document.getElementById("dependents").value); var additionalWithholding = parseFloat(document.getElementById("additionalWithholding").value); var preTaxDeductions = parseFloat(document.getElementById("preTaxDeductions").value); // Input validation if (isNaN(grossPay) || grossPay < 0 || isNaN(dependents) || dependents < 0 || isNaN(additionalWithholding) || additionalWithholding < 0 || isNaN(preTaxDeductions) || preTaxDeductions < 0) { document.getElementById("result").innerHTML = "Please enter valid positive numbers for all fields."; return; } var annualGrossPay = grossPay * payFrequency; var annualPreTaxDeductions = preTaxDeductions * payFrequency; var annualTaxableGross = annualGrossPay – annualPreTaxDeductions; // — FICA Taxes — var socialSecurityRate = 0.062; var medicareRate = 0.0145; var socialSecurityLimit = 168600; // 2024 limit var annualSocialSecurityTaxable = Math.min(annualTaxableGross, socialSecurityLimit); var annualSocialSecurityTax = annualSocialSecurityTaxable * socialSecurityRate; var annualMedicareTax = annualTaxableGross * medicareRate; var perPeriodSocialSecurityTax = annualSocialSecurityTax / payFrequency; var perPeriodMedicareTax = annualMedicareTax / payFrequency; // — Federal Income Tax (FIT) – Simplified Brackets (2024 example) — var annualFITTaxableIncome = annualTaxableGross; var standardDeduction = 0; var dependentCreditReduction = dependents * 2000; // Simplified reduction for dependents if (filingStatus === "single") { standardDeduction = 14600; annualFITTaxableIncome = Math.max(0, annualFITTaxableIncome – standardDeduction – dependentCreditReduction); var fitTax = 0; if (annualFITTaxableIncome <= 11600) { fitTax = annualFITTaxableIncome * 0.10; } else if (annualFITTaxableIncome <= 47150) { fitTax = 11600 * 0.10 + (annualFITTaxableIncome – 11600) * 0.12; } else if (annualFITTaxableIncome <= 100525) { fitTax = 11600 * 0.10 + (47150 – 11600) * 0.12 + (annualFITTaxableIncome – 47150) * 0.22; } else if (annualFITTaxableIncome <= 191950) { fitTax = 11600 * 0.10 + (47150 – 11600) * 0.12 + (100525 – 47150) * 0.22 + (annualFITTaxableIncome – 100525) * 0.24; } else { // Simplified upper bracket fitTax = 11600 * 0.10 + (47150 – 11600) * 0.12 + (100525 – 47150) * 0.22 + (191950 – 100525) * 0.24 + (annualFITTaxableIncome – 191950) * 0.32; } annualFITTax = fitTax; } else { // Married Filing Jointly standardDeduction = 29200; annualFITTaxableIncome = Math.max(0, annualFITTaxableIncome – standardDeduction – dependentCreditReduction); var fitTax = 0; if (annualFITTaxableIncome <= 23200) { fitTax = annualFITTaxableIncome * 0.10; } else if (annualFITTaxableIncome <= 94300) { fitTax = 23200 * 0.10 + (annualFITTaxableIncome – 23200) * 0.12; } else if (annualFITTaxableIncome <= 201050) { fitTax = 23200 * 0.10 + (94300 – 23200) * 0.12 + (annualFITTaxableIncome – 94300) * 0.22; } else if (annualFITTaxableIncome <= 383900) { fitTax = 23200 * 0.10 + (94300 – 23200) * 0.12 + (201050 – 94300) * 0.22 + (annualFITTaxableIncome – 201050) * 0.24; } else { // Simplified upper bracket fitTax = 23200 * 0.10 + (94300 – 23200) * 0.12 + (201050 – 94300) * 0.22 + (383900 – 201050) * 0.24 + (annualFITTaxableIncome – 383900) * 0.32; } annualFITTax = fitTax; } var perPeriodFIT = (annualFITTax / payFrequency) + additionalWithholding; perPeriodFIT = Math.max(0, perPeriodFIT); // FIT cannot be negative // — New Mexico State Income Tax (SIT) – Simplified Brackets (2024 example) — var annualNMTaxableIncome = annualTaxableGross; // NM generally uses federal AGI as starting point, simplified here. var nmTax = 0; if (filingStatus === "single") { if (annualNMTaxableIncome <= 5500) { nmTax = annualNMTaxableIncome * 0.017; } else if (annualNMTaxableIncome <= 11000) { nmTax = 5500 * 0.017 + (annualNMTaxableIncome – 5500) * 0.032; } else if (annualNMTaxableIncome <= 16000) { nmTax = 5500 * 0.017 + 5500 * 0.032 + (annualNMTaxableIncome – 11000) * 0.047; } else if (annualNMTaxableIncome <= 24000) { nmTax = 5500 * 0.017 + 5500 * 0.032 + 5000 * 0.047 + (annualNMTaxableIncome – 16000) * 0.049; } else if (annualNMTaxableIncome <= 40000) { nmTax = 5500 * 0.017 + 5500 * 0.032 + 5000 * 0.047 + 8000 * 0.049 + (annualNMTaxableIncome – 24000) * 0.059; } else if (annualNMTaxableIncome <= 60000) { nmTax = 5500 * 0.017 + 5500 * 0.032 + 5000 * 0.047 + 8000 * 0.049 + 16000 * 0.059 + (annualNMTaxableIncome – 40000) * 0.069; } else if (annualNMTaxableIncome <= 100000) { nmTax = 5500 * 0.017 + 5500 * 0.032 + 5000 * 0.047 + 8000 * 0.049 + 16000 * 0.059 + 20000 * 0.069 + (annualNMTaxableIncome – 60000) * 0.079; } else if (annualNMTaxableIncome <= 200000) { nmTax = 5500 * 0.017 + 5500 * 0.032 + 5000 * 0.047 + 8000 * 0.049 + 16000 * 0.059 + 20000 * 0.069 + 40000 * 0.079 + (annualNMTaxableIncome – 100000) * 0.089; } else if (annualNMTaxableIncome <= 300000) { nmTax = 5500 * 0.017 + 5500 * 0.032 + 5000 * 0.047 + 8000 * 0.049 + 16000 * 0.059 + 20000 * 0.069 + 40000 * 0.079 + 100000 * 0.089 + (annualNMTaxableIncome – 200000) * 0.099; } else { nmTax = 5500 * 0.017 + 5500 * 0.032 + 5000 * 0.047 + 8000 * 0.049 + 16000 * 0.059 + 20000 * 0.069 + 40000 * 0.079 + 100000 * 0.089 + 100000 * 0.099 + (annualNMTaxableIncome – 300000) * 0.109; } } else { // Married Filing Jointly if (annualNMTaxableIncome <= 8000) { nmTax = annualNMTaxableIncome * 0.017; } else if (annualNMTaxableIncome <= 16000) { nmTax = 8000 * 0.017 + (annualNMTaxableIncome – 8000) * 0.032; } else if (annualNMTaxableIncome <= 24000) { nmTax = 8000 * 0.017 + 8000 * 0.032 + (annualNMTaxableIncome – 16000) * 0.047; } else if (annualNMTaxableIncome <= 32000) { nmTax = 8000 * 0.017 + 8000 * 0.032 + 8000 * 0.047 + (annualNMTaxableIncome – 24000) * 0.049; } else if (annualNMTaxableIncome <= 48000) { nmTax = 8000 * 0.017 + 8000 * 0.032 + 8000 * 0.047 + 8000 * 0.049 + (annualNMTaxableIncome – 32000) * 0.059; } else if (annualNMTaxableIncome <= 80000) { nmTax = 8000 * 0.017 + 8000 * 0.032 + 8000 * 0.047 + 8000 * 0.049 + 16000 * 0.059 + (annualNMTaxableIncome – 48000) * 0.069; } else if (annualNMTaxableIncome <= 120000) { nmTax = 8000 * 0.017 + 8000 * 0.032 + 8000 * 0.047 + 8000 * 0.049 + 16000 * 0.059 + 32000 * 0.069 + (annualNMTaxableIncome – 80000) * 0.079; } else if (annualNMTaxableIncome <= 240000) { nmTax = 8000 * 0.017 + 8000 * 0.032 + 8000 * 0.047 + 8000 * 0.049 + 16000 * 0.059 + 32000 * 0.069 + 40000 * 0.079 + (annualNMTaxableIncome – 120000) * 0.089; } else if (annualNMTaxableIncome <= 360000) { nmTax = 8000 * 0.017 + 8000 * 0.032 + 8000 * 0.047 + 8000 * 0.049 + 16000 * 0.059 + 32000 * 0.069 + 40000 * 0.079 + 120000 * 0.089 + (annualNMTaxableIncome – 240000) * 0.099; } else { nmTax = 8000 * 0.017 + 8000 * 0.032 + 8000 * 0.047 + 8000 * 0.049 + 16000 * 0.059 + 32000 * 0.069 + 40000 * 0.079 + 120000 * 0.089 + 120000 * 0.099 + (annualNMTaxableIncome – 360000) * 0.109; } } var perPeriodNMTax = nmTax / payFrequency; perPeriodNMTax = Math.max(0, perPeriodNMTax); // NM SIT cannot be negative // — Total Deductions and Net Pay — var totalDeductions = preTaxDeductions + perPeriodSocialSecurityTax + perPeriodMedicareTax + perPeriodFIT + perPeriodNMTax; var netPay = grossPay – totalDeductions; // Display results var resultsHtml = "

Payroll Summary per Pay Period

"; resultsHtml += "Gross Pay: $" + grossPay.toFixed(2) + ""; resultsHtml += "Pre-Tax Deductions: $" + preTaxDeductions.toFixed(2) + ""; resultsHtml += "Taxable Gross (for FICA/Taxes): $" + (grossPay – preTaxDeductions).toFixed(2) + ""; resultsHtml += "

Deductions:

"; resultsHtml += "

"; resultsHtml += "
• Federal Income Tax (FIT): $" + perPeriodFIT.toFixed(2) + "
"; resultsHtml += "
• Social Security Tax: $" + perPeriodSocialSecurityTax.toFixed(2) + "
"; resultsHtml += "
• Medicare Tax: $" + perPeriodMedicareTax.toFixed(2) + "
"; resultsHtml += "
• New Mexico State Income Tax: $" + perPeriodNMTax.toFixed(2) + "
"; resultsHtml += "

"; resultsHtml += "Total Deductions: $" + totalDeductions.toFixed(2) + ""; resultsHtml += "Net Pay: $" + netPay.toFixed(2) + ""; document.getElementById("result").innerHTML = resultsHtml; } // Run calculation on page load with default values window.onload = calculateNMPayroll;

Understanding Your New Mexico Payroll

Navigating your paycheck can sometimes feel like deciphering a complex code. This New Mexico Payroll Calculator is designed to help you understand how your gross pay translates into your net take-home pay, considering federal and state deductions specific to New Mexico.

What is Gross Pay?

Your gross pay is the total amount of money you earn before any taxes or deductions are withheld. If you're an hourly employee, this is typically your hourly rate multiplied by the number of hours worked. For salaried employees, it's your salary divided by your pay periods per year.

Key Payroll Deductions Explained

1. Federal Income Tax (FIT)

Federal Income Tax is levied by the U.S. government on your earnings. The amount withheld depends on several factors, including your gross pay, filing status (e.g., Single, Married Filing Jointly), the number of dependents you claim on your W-4 form, and any additional withholding you request. The federal tax system is progressive, meaning higher earners pay a larger percentage of their income in taxes.

2. FICA Taxes (Social Security and Medicare)

FICA stands for the Federal Insurance Contributions Act. These taxes fund Social Security and Medicare, which provide benefits for retirees, the disabled, and children of deceased workers, as well as healthcare for seniors and some younger people with disabilities.

• Social Security Tax: As of 2024, employees contribute 6.2% of their earnings up to an annual wage base limit ($168,600).
• Medicare Tax: Employees contribute 1.45% of all earnings, with no wage base limit. An additional Medicare tax of 0.9% applies to earnings above certain thresholds ($200,000 for single filers, $250,000 for married filing jointly). This calculator simplifies by not including the additional Medicare tax.

3. New Mexico State Income Tax (SIT)

New Mexico imposes a progressive state income tax on its residents' earnings. This means that as your taxable income increases, so does the percentage you pay in state income tax. The specific tax brackets and rates are determined by the New Mexico Taxation and Revenue Department and can vary based on your filing status.

4. Pre-Tax Deductions

Pre-tax deductions are amounts taken from your gross pay before taxes are calculated. These deductions reduce your taxable income, which can lower your overall tax liability. Common pre-tax deductions include contributions to 401(k)s, health insurance premiums, and Flexible Spending Accounts (FSAs).

How the Calculator Works

Our New Mexico Payroll Calculator takes your gross pay and pay frequency, then applies the relevant federal and state tax rules (including FICA, Federal Income Tax, and New Mexico State Income Tax) along with any pre-tax deductions you enter. It then calculates your estimated net pay for that pay period.

Important Considerations

• Estimates Only: This calculator provides an estimate based on simplified tax brackets and common withholding assumptions. It is not a substitute for professional tax advice.
• W-4 Form: Your actual federal withholding is determined by the information you provide on your W-4 form to your employer. Reviewing and updating your W-4 can help ensure your withholding accurately reflects your tax situation.
• Other Deductions: This calculator focuses on primary taxes and pre-tax deductions. Your paycheck may include other post-tax deductions such as union dues, garnishments, or Roth 401(k) contributions.
• Tax Law Changes: Tax laws and rates can change annually. While we strive to keep the calculator updated, always refer to official IRS and New Mexico Taxation and Revenue Department resources for the most current information.

By understanding these components, you can gain a clearer picture of your earnings and better manage your personal finances in New Mexico.