New mexico gross receipts tax8/26/2023 Select the WAGE WITHHOLDING TAX link and the FYI-104 PUBLICATION link for additional information. An employer who withholds a portion of an employee's wages for payment of federal income tax must withhold state income tax. State withholding tax is similar to federal withholding tax. Select the COMPENSATING TAX link for additional information.Įmployers must withhold a part of their employees’ wages for payment of income tax. Select the GROSS RECEIPTS TAX RATES link for additional tax rate information and schedules.Ĭompensating tax is an excise tax imposed on persons using property or services in New Mexico, also called “use tax” or “buyer pays.” Compensating tax is reported on the Combined Reporting System, CRS-1 form. The tax is due on or before the 25th day of the month following the report period in which the taxable transaction occurs. Select the GROSS RECEIPTS TAX OVERVIEW link and the FYI-105 PUBLICATION link for additional information provided by the New Mexico Taxation and Revenue Department. The gross receipts tax rate varies throughout the state from 5% to 9% and frequently changes. Selling research and development services performed outside New Mexico in which the product is initially used in New Mexico.
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