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New Mexico 2023 IRS W-2: What You Should Know

The W-2 withholding tax does not apply to employees who receive cash or in-kind benefits from companies. New Mexico does not require a wage withholding tax on wages or compensation paid by any business in the State. Please be aware of limitations with regard to how much information is entered in W-2 for any tax year. Please note that there is no withholding from the first 200 of an employee's salary. A wage withholding tax on the first 200 of salary from an employee will apply in the following years: 2023 : 200, 2023 : 500, 2023 : 2,000 and 2023 : 2,500. New Mexico does not require a wage withholding tax on wages paid to a driver's license dealer or driver's license services operator (see #8 for a sample). This means that if an employee is in the first 200 of an employee's salary, then the 200 will not trigger the W-2 penalty. In New Mexico and South Dakota, the requirement to withhold wages and a penalty for failure to do so is a class B misdemeanor. There is a tax form for wages and compensation. It is a Schedule B-15 (Employee Wages, Compensation or Profit Sharing Statement). A wage-payment statement is a written statement which indicates the payee's estimated pay earned during the tax year and the total amount each employee made in compensation during the year. Wages, compensation and profit sharing are defined in s. 60-22-110, F.S. For most wages, the employer must certify and file on Form W-2 (with an estimated tax payment), wages paid by the corporation in the form of wages or compensation to individual employees. If the wages or compensation are not paid in the form of money, instead, the payee must make an estimated tax payment (which must be reported on Schedule B) to the employer on form 1099-MISC. If Form W-2 is not filed and paid to a properly organized private foundation during the tax year with an estimated withholding tax liability in the amount shown on the Form W-2, withholding is required. See s. 30-28-2, F.S. For more information on what is required, see the “Reporting wage tax on Schedule B, Required Amounts, or, the Alternative Method of Reporting Wage and Compensation,” under IRM (17-14-2018) and IRM 25.1.12.

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