New Mexico’s 2021 withholding percentage method was released Dec. 31 by the state Taxation and Revenue Department.
The percentage method implements a new 5.9% income tax bracket, which the department confirmed would take effect starting with 2021 in a bulletin Dec. 22.
As in 2020, the percentage method only uses the filing status reported on the federal Form W-4, Employee’s Withholding Certificate, with no allowances.
Additionally, starting July 1, 2021, a new monthly return specific to withholding, Form WWT-1, Wage Withholding Tax Return, is to replace the current withholding return, Form CRS-1, Combined Report System, the department said. Form CRS-1 ...
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