The Tax Reform Calculator is a sister site to the Tax Form Calculator which has supported free tax return calculations and salary estimates since 2010. In 2017, Donald Trump, 45th President of the United States announced plans for sweeping tax reforms. The aim of the tax reforms being to simply tax for average Americans, reduce the tax burden for working families and make tax more transparent and easier for businesses. These three aims being part of President Trumps aim to boost the American economy, improve business growth in America and provide a better quality of life for American families.
In this section you can calculate and compare your Salary for earnings in New Mexico using the Planned (pre-December), House ans Senate Proposed Tax Reform tables. By using the New Mexico Tax Reform Calculator, you can compare how your salary will look if one of the tax reforms goes through and compare which tax proposal is best for you and your family.
Since 2010, we have provided tools which provide a detailed breakdown of New Mexico tax calculations to allow a clear view of how key payroll taxes in New Mexico are calculated. In this special site setup for the New Mexico tax reforms, we provide a set of calculators and tools that will allow you to enter your salary or taxable amount (depending on the tax reform calculator you are using) and calculate the new tax commitments under the tax reform legislation in New Mexico.
For transparency, the New Mexico tax reform calculator will provide an example of your New Mexico tax return calculation under the current tax law and also under the planned tax law once New Mexico tax reforms come into place. The New Mexico tax reform calculator will also show you how much better or worse off you will be after the New Mexico tax reform legislation comes into place.
The New Mexico tax Reform Calculator is updated as the tax laws change so you can check back as New Mexico tax reforms solidify, make a quick tax calculation and email/print it for your reference or discussion on New Mexico tax blogs, New Mexico tax websites etc. You can also add a copy of the New Mexico Tax Reform Calculator to your won website to allow your users to use the tool whilst browsing your New Mexico tax advice, New Mexico tax refund articles etc.
The Federal tax rates have been updated to the 2019/2020 forecast tax tables and the tax calculator now uses the 2019/2020 tax tables as default. To calculator your 2019/2020 tax return, please select the 2019/2020 tax year. The tax calculator will continue to use the 2019/2020 State tax tables until confirmation of 2019/2020 tax tables is published. If you have information on the 2019/2020 State tax tables, please contact us and we will update accordingly.
The New Mexico tax calculator is updated for the 2019/20 tax year. This tax calculator performs as a standalone State Tax calculator for New Mexico, it does not take into account federal taxes, medicare decustions et al.
The New Mexico tax calculator is designed to provide a simple illlustration of the state income tax due in New Mexico, to view a comprehensive tax illustration which includes federal tax, medicare, state tax, standard/itemised deductions (and more), please use the main 2019/20 tax reform calculator.
|Please select all that apply|
|Deduction and Local Tax Options|
|IRA and 401K Calculator|
How to use the tax calculator
How to use the advanced tax calculator
The New Mexico State State Tax calculator is updated to include the latest Federal tax rates for 2015-16 tax year as published by the IRS.
The New Mexico State State Tax calculator is updated to include the latest State tax rates for 2019/2020 tax year and will be update to the 2020/2021 State Tax Tables once fully published as published by the various States.
Calculate your total tax due using the tax calculator (update to include the 2019/2020 tax brackets). Deduct the amount of tax paid from the tax calculation to provide an illustration of your 2019/2020 tax refund.
The following updates have been applied to the Tax calculator:
The New Mexico State State tax calculator is as good as the feedback, your support, requests and bug catches help to improve the accuracy of the tax calculator for all.
This New Mexico State State tax calculator aims to balance ease of use with transparency of tax calculation but is provided for illustration only. Remember that you should always seek professional advice and audit your State and Federal tax returns