What will the standard deduction be for 2022?
2022 standard deduction For the 2022 tax year, tax returns are due April 18, 2023. The 2022 standard deduction is $12,950 for single filers and those married filing separately, $25,900 for joint filers, and $19,400 for heads of household. $12,950.
What are the income tax brackets for New Mexico 2023?
New Mexico Income Tax Rate 2022 - 2023. New Mexico state income tax rate table for the 2022 - 2023 filing season has five income tax brackets with NM tax rates of 1.7%, 3.2%, 4.7%, 4.9% and 5.9% for Single, Married Filing Jointly, Married Filing Separately, and Head of Household statuses.
What are the income tax brackets for 2022 vs 2021?
The 2022 tax rates themselves are the same as the rates in effect for the 2021 tax year: 10%, 12%, 22%, 24%, 32%, 35% and 37%.
What are the New Mexico income tax brackets?
New Mexico Income Tax Brackets and Rates: Single If your New Mexico taxable income is over:But not over:Your tax is:$70,000$80,000$3,153 - $3,638$80,000$90,000$3,643 - $4,128$90,000$96,000$4,133 - $4,422$96,000$210,000$4,422 + 4.9% of the excess of $96,0008 more rows
What is New Mexico state tax bracket for 2022?
New Mexico Tax Brackets for Tax Year 2022 Any income over $157,500 (Single), or $315,000 (Married) would be taxes at the highest rate of 5.90%. Taxes Due:$7,513.50 plus 5.9% over $157,500. Taxes Due:$15,027 plus 5.9% over $315,000.