How Do I Update My New Mexico Tax Tables?
The New Mexico state tax table formats were updated for the 2020 tax year. The layout is the same, aside from removing the Withholding Allowance amount. You will see a new New Mexico-Post 2020 tax table type listed in PowerChurch.
Where do I find the tax tables?
Which tables do I use?
Use the annual percentage method tables. Figure 1 shows an example.
Note that the figures shown in this document are for demonstration purposes only, and may not be current. Please consult the current publication for the most up-to-date information. Though the figures change periodically, the method of calculation should remain the same. If the calculation method has changed for this state please notify the webmaster.
Figure 1 - 2020 Annual Percentage Tables
How to setup/update the tables in PowerChurch Plus
To setup/update PowerChurch Plus with the state tax tables shown in Figure 1 above, select the Accounting menu, Payroll, Setup, then Maintain Tax Tables. A separate table will need to be created for the single and married table rates.
Click Add to enter a new table, or use the Find/Locate buttons to select an existing NM tax table to update. When adding a new table, you will be prompted for the type of tax table you're adding. Select State: New Mexico. For each table, enter the following information:
- Description: Enter a unique name to identify the tax table (for example, "NM State Tax - Single").
- Tax type: The type of tax in which this table applies. In this instance, select State Tax.
- Round tax to nearest whole dollar: If required, check this box to round the calculated tax amount to the nearest whole dollar.
- Annual Rate Table: Click the Annual Rate Table tab. From Figure 1 above, enter the figures from the "But not over" column followed by the tax rate percentage for each bracket.
When you are done, the screen should look like this:
Figure 2a - NM State Single Tax Table (Deduction and Exemption Information)
Figure 2b - NM State Single Tax Table (Annual Rate Table)
PCPlus V 11/11.1, PCPlus V 11.5/11.55, PCPlus V12/12.2, PowerChurch Online
state tax table, tax table, taxes
Last updated: 07/25/2021