Printable Form Instructions 941 Las Cruces New Mexico 2025

Printable Form Instructions 941 Las Cruces New Mexico: What You Should Know

Payments for wages will be taxed to the employee. However, withholding tax may also be levied on an employer  (an employer who pays an employee for services may also be subject to withholding tax), if the payment does not qualify as  “employment income” for which income tax has been withheld, and the payment is made on or after the 5th working  day of the calendar month in which such payments are made. The “Wage Withholding Tax” rate for New Mexico businesses is: For an employee employed by the taxpayer: .10% For an employee engaged in any business or profession: .15% For a self-employed individual or sole proprietor: .45% The “Wage Withholding Tax” rate is: 25% (New Mexico's state income tax rate) In general, a business may be exempted from making contributions to a state or local governmental fund.

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