What is the sales tax in new mexico

What is the current New Mexico sales tax?


What is the New Mexico Gross Receipts Tax?

5.125% to 8.8125%

What is Albuquerque sales tax?


Who is exempt from New Mexico Gross Receipts Tax?

Common exemptions are receipts of a 501(c)(3) nonprofit and governmental entities, receipts from isolated or occasional sales, employee wages, interest and dividends and insurance company receipts. A deduction is not subject to tax, but deducted receipts must be reported on a CRS-1 form.

Does New Mexico have sales tax on food?

All goods and services are taxed under New Mexico’s law, excluding any kind of food sold for off-site consumption (such as groceries). New Mexico does allow municipalities and cities to levy additional local taxes on top of the statewide gross receipts tax.

What is the income tax rate for New Mexico?

Income Tax BracketsMarried, Jointly FilingNew Mexico Taxable IncomeRate$8,000 – $16,0003.20%$16,000 – $24,0004.70%$24,000+4.90%

Who must pay New Mexico Gross Receipts Tax?

The tax is imposed on the gross receipts of persons who: sell property in New Mexico; property includes real property, tangible personal property, including electricity and manufactured homes, licenses (other than the licenses of copyrights, trademarks or patents) and franchises.

What is the difference between gross receipts and sales tax?

If you charge your customers sales tax, your income is not affected by passing the amount to the state. The gross receipts tax, on the other hand, is based on your total revenue and directly impacts the profits you earn.

How do you calculate sales tax payable?

To calculate the sales tax that is included in a company’s receipts, divide the total amount received (for the items that are subject to sales tax) by “1 + the sales tax rate”. In other words, if the sales tax rate is 6%, divide the sales taxable receipts by 1.06.

You might be interested:  How many people pay tax

What is the sales tax in Santa Fe NM?


What is the gross receipts tax for Albuquerque?

Gross Receipts Tax / Compensating Tax (Sales & Use Tax):

Albuquerque Metro Area Gross Receipts Tax range: 6.25% – 8.3125% City of Albuquerque Gross Receipts Tax rate: 7.875%

What is the sales tax in Bernalillo County?

The minimum combined 2020 sales tax rate for Bernalillo County, New Mexico is 6.44%. This is the total of state and county sales tax rates. The New Mexico state sales tax rate is currently 5.13%. The Bernalillo County sales tax rate is 1.31%.

How do I pay my New Mexico Gross Receipts Tax?

As for payment, E-pay is the quick and green way to do it. If you need assistance, call 1-866-809-2335. Once you’re online filing your return, you can also pay online.

Does New Mexico tax Social Security payments?

New Mexico is one of only 13 states that tax Social Security income, and it is a form of double taxation since New Mexicans pay income taxes on the money they put into Social Security and then they are taxed again on the benefits they receive.

Leave a Reply

Your email address will not be published. Required fields are marked *