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New Mexico Printable W-4 Form: What You Should Know
Form 1099, Form W-2, Form W-4 If you have any questions about the new 2024 Federal Form W-4 for your State of New Mexico, click here. New Mexico has two different withholding programs: 1. State Withholding: Employees who do not report their New Mexico income tax withholding son their Form 1040. If you claim an exemption on a Form 1040, you will have to provide this information on the Form W-4 2. Business Withholding: Generally all business entities are exempt from state withholding if they are a sole proprietor or an S corporation (including a partnership that is taxed as a partnership). If your businesses are exempt you will simply have to withhold New Mexico income tax from the employees' wages. In the case of a sole proprietor in New Mexico, the gross receipts from your business are your wages, your sole proprietors are the employees. There is no requirement that you withhold taxes from these employees. In the case of a corporation in New Mexico, the gross receipts are calculated on the basis of your corporation's business activities and all of your employees are considered your employees for purposes of withholding state and local taxes. This state income tax withholding can be confusing, but it is not complicated. There are no special forms or forms to fill out. The instructions at the bottom of this information page tell you where to go to find the state withholding information.
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