Chapter 7, Article 3 NMSA 1978 may be cited as the “Withholding Tax Act”. History: 1953 Comp., § 72-15-49, enacted by Laws 1961, ch. 243, § 1; 1979, ch. 29, § 1. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation § 602. 85 C.J.S. Taxation §§ […]
Any employee whose participation under the Withholding Tax Act is not mandatory may subject himself or herself to its provisions with the consent of the employer. History: 1953 Comp., § 72-15-66, enacted by Laws 1961, ch. 243, § 18; 1990, ch. 64, § 8. ANNOTATIONS The 1990 amendment, effective July 1, 1990, inserted “or herself” […]
A. When a fiduciary, agent or other person has the control, receipt, custody or disposal of or pays the wages of an employee or group of employees employed by one or more employers and the fiduciary, agent or other person has been designated by the United States secretary of the treasury to perform such acts […]
History: Laws 1999, ch. 14, § 3; 2000, ch. 33, § 5; 2003, ch. 86, § 3; 2005, ch. 185 § 1; repealed by Laws 2010, ch. 53, § 18. ANNOTATIONS Repeals. — Laws 2010, ch. 53, § 18 repealed 7-3-12 NMSA 1978, as enacted by Laws 1999, ch. 14, § 3, relating to information […]
A. An employer that has more than fifty employees and is not required to file an unemployment insurance tax form with the workforce solutions department or a payor shall file quarterly a withholding information return with the department on or before the last day of the month following the close of the calendar quarter. B. […]
A. A pass-through entity may file a composite income tax return on behalf of electing nonresident members reporting and paying income tax at the highest marginal rate provided in Section 7-2A-5 NMSA 1978 on the members’ pro rata or distributive shares of income of the pass-through entity from doing business in, or deriving income from […]
As used in the Withholding Tax Act: A. “department” means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary; B. “employee” means either an individual domiciled within the state who performs services either within or without the […]
A. Every employer who deducts and withholds a portion of an employee’s wages for payment of income tax under the provisions of the Internal Revenue Code shall deduct and withhold an amount for each payroll period computed from a state withholding tax table furnished by the department; provided: (1) if the employee instructs the employer […]
Amounts deducted under the provisions of the Withholding Tax Act shall be a collected tax. No employee shall have a right of action against the employer for any amount deducted and withheld from the employee’s wages. No individual who has instructed a payor to deduct and withhold an amount from the pension or annuity due […]
Every withholder shall be liable for amounts required to be deducted and withheld by the Withholding Tax Act regardless of whether the amounts were in fact deducted and withheld, except that: A. if the withholder fails to deduct and withhold the required amounts and if the tax against which the required amounts would have been […]
Taxes withheld under the provisions of the Withholding Tax Act must be paid on or before the twenty-fifth day of the month following the month when the taxes were required to be withheld. History: 1978 Comp., § 7-3-6, enacted by Laws 1969, ch. 25, § 1; 2000, ch. 33, § 4; 2010, ch. 53, § […]
A. Every employer shall file with the department an annual statement of withholding for each employee. The statement shall be in a form prescribed by the department, except employers with twenty-five or more employees shall file statements using a department-approved electronic medium. The statement shall be filed with the department on or before the last […]
On or before January 31 of the year following that for which the annual statement of withholding is made pursuant to Section 7-3-7 NMSA 1978, a withholder shall provide to a withholdee: A. a copy of the annual statement of withholding; and B. information regarding state assistance for low-income New Mexicans, including information regarding refundable […]
The entire amount of income upon which tax was deducted and withheld shall be included in the gross income of the withholdee for state income tax purposes. The amount of tax deducted and withheld under the provisions of the Withholding Tax Act during the taxable year shall be credited against any state income tax liability […]
