CorpNet will collect information about you and your business to determine your eligibility for online registration with the New Mexico Department of Taxation & Revenue and Department of Workforce Solutions.
We check for accuracy.
Based on the information you’ve provided, we will pre-qualify your business to ensure your account information is accurate and consistent.
We work closely with you.
Your dedicated CorpNet agent will collect any additional information needed to successfully complete your tax registration request. Once we have all we need, we will submit your application to the state.
We’ll process your order within 7-10 business days, and depending on state processing times, provide you with your New Mexico Tax Identification Number and Unemployment Tax Account Number. You’ll be able to give these details to your payroll provider to help you pay your employees faster.
Need your payroll tax registration done fast?
Try our expedited services. We’ll process your order with CorpNet in 3-5 business days.*
Get Started *Processing times cannot be guaranteed and are at the discretion of the state of New Mexico.
New Mexico Payroll Tax FAQs
What is Unemployment Insurance Tax?Rebecca Gill2021-06-23T11:28:12-07:00
Unemployment Insurance Tax (UI) is a federally-mandated, state-run program that provides temporary payments to unemployed workers whose employment status is not a result of their own actions. New Mexico’s unemployment tax is managed through the New Mexico Department of Workforce Solutions.
What is the New Mexico Workers Compensation Fee?Rebecca Gill2021-06-23T11:28:47-07:00
The New Mexico Workers’ Compensation Act requires employers to pay the workers’ compensation assessment fees to the New Mexico Taxation & Revenue Department. The employee portion should be taken as a payroll deduction.
Am I Required to Register for Payroll Taxes in New Mexico?Rebecca Gill2021-06-23T11:29:18-07:00
Once CorpNet registers your business with the Department of Taxation & Revenue and Department of Workforce Solutions, you will be issued a New Mexico Tax Identification Number and Unemployment Tax Account Number. Your account numbers are required for all interactions to ensure your account is accurate. You must provide your account numbers when filing returns and making deposits in all electronic and paper filings.
What State Payroll Taxes Does New Mexico Have?Rebecca Gill2021-06-23T11:27:43-07:00
New Mexico Income Tax: New Mexico has a progressive income tax rate ranging from 1.7% to 4.9%, with varying tax brackets.
New Mexico Unemployment Insurance Tax: New Mexico employers pay a varying unemployment tax rate of 0.33% to 6.4% on a taxable wage base of $27,000. New employers pay 1% – 1.23%.
New Mexico Workers Compensation Fee: New Mexico employees and employers must pay the state a Workers’ Compensation Fee. Employer fees are $2.30 per employee per quarter. Employee fees are $2.00 per quarter.
What Kind of Information Do I Need for Payroll Tax Registration?Rebecca Gill2021-06-28T10:26:56-07:00
CorpNet works with the leading payroll processors and we can connect you with our trusted partners who will pay your employees, accrue the necessary taxes, and complete the necessary payments and documentation with state and federal authorities.
“Excellent services.Very helpful and knowledgeable in their craft. “ – Dr. Earle Baldwin | July 10, 2020