Web Resources

XFederal

Internal Revenue Service: http://www.irs.gov

Forms:
http://www.irs.gov/formspubs/index.html

Social Security Administration:
http://www.ssa.gov

SSA Forms: http://www.ssa.gov/online

U.S. Department of Labor: http://www.dol.gov

XNew Mexico

Taxation & Revenue Dept:
http://www/state/nm.us/tax

Forms:
http://www.state.nm.us/tax/trd_form.htm

Department of Labor:
http://www.dol.state.nm.us

 

Phone Resources

XIRS

General information (800) 772-1213

Forms (800) 829-3676

 General (800) 829-1040

The Department of Labor has changed their reporting requirements. Are you compliant?

Wage and Tax Facts - 2005
Federal Wages       New Mexico Wages
FICA (Social Security) State Income Tax
FICA (Medicare)

Unemployment Insurance
FUTA (Employee-Paid) Disability Insurance
Supplemental
Wage/Bonus Rate 		Worker's Compensation

Federal Wages
 
Minimum Wage
$5.15
Minimum Cash Wage
(Tipped Employee)
$2.13
Maximum Tip Credit
$3.02
Youth Sub-Minimum Wage
$4.25


> top

Federal Witholding
 
New Federal income tax withholding tables, effective 1/1/2006.
Annual withholding allowance increased to $3,300 from $3,200.


> top

FICA (Social Security)
 
Maximum Taxable Earnings
(up from $94,000 in 2005)
$94,200
EE/ER Deduction
6.2%

Maximum Deduction
(Up from $5,394.00 in 2004)
$5,580.00
Self-Employment Tax
12.4%

> top

FICA (Medicare)
 
Maximum Taxable Earnings
No Limit
EE/ER Deduction
1.45%

Maximum Deduction
(Up from $5,394.00 in 2004)
No Limit
Self-Employment Tax
2.9%

> top

FUTA (Employer-Paid)
 
Maximum Taxable Earnings
$7,000
Percent of Taxable Wages
6.2%

Maximum Credit
5.4%
Normal Net Tax
0.8%

> top

Supplemental Wage / Bonus Rate
 
(flat rate withholding method)
25%

> top

New Mexico Wages
 
Minimum Wage
(Before 7/1/2005: $4.25)
$5.15
Minimum Cash Wage
(Tipped Employee)
(Before 7/1/2005: $2.13)
$2.13
Maximum Tip Credit
(Before 7/1/2005: $2.57)
$3.47

> top

State Income Tax
 
New withholding tables effective 1/1/2006.
Annual exemption allowance amount increased to $3,350 from $3,250.
Supplemental Wage /
Bonus Rate
6.0%

> top

Unemployment Insurance
 
Maximum 2005 Taxable Earnings
(Increased from $17,200 in 2005)
$17,900
Employee Deduction
None
Employer 2005 Tax Rates
0.03 - 5.4%
Standard 2005 New Employer Rate
2.0%
Voluntary Contribution Permitted
Yes

> top

Disability Insurance
 
Employee Deduction
None

> top

Worker's Compensation
 
Employee assessment
(per quarter)
$2.00
Employer assessment
(per quarter)
$2.30

> top



Home | Services | About Us | News | Q&A | Email Us | Contact | Support