The New Mexico Taxation and Revenue Department recently released revised tax withholding rates for 2018, in order to align with the revised 2018 Internal Revenue Service tax withholding rate changes.
These rate changes will be applied beginning with employees’ paychecks after July 31.
The amount of New Mexico tax withholding will vary for every employee. All employees are encouraged to refer to the “Benefits, Deductions, and Taxes” section of their pay stub for details of their withholdings. The pay stub is accessible from MyUNM by clicking on the “Staff” tab, then clicking the Pay Stub link on the “My Pay” tile.
Employees can also utilize the Payroll Calculator resource on the “My Pay” tile. The revised New Mexico tax withholding rates will be included in the Payroll Calculator beginning in August, allowing individuals to estimate their August paycheck.
While the Payroll Department is not able to calculate the impact for individual employees, they can refer to the New Mexico Taxation and Revenue notification FYI-104 at this link regarding these changes.
If you have any questions, contact the Payroll Office at 505-277-2353. The Payroll office cannot give tax advice to employees, but may be able to address general questions regarding payroll taxes.