New Mexico’s existing base pay is $9.0 and Effective March 1, 2019 Santa Fe City base pay is $11.80 per hour. Since January 1, 2020, the minimum per hour wage for Albuquerque is $9.35. It is $8.35 if the company supplies health care and/or child care advantages to the worker throughout any pay period and the company pays a quantity for these advantages equivalent to or in excess of an annualized expense of $2,500.00.
New Mexico companies should likewise abide by federal base pay policies, which presently sets up the federal base pay at $7.25. If a company picks to pay staff members base pay, the company should pay those workers in accordance with the base pay regulation, either federal or state, that leads to the workers being paid the greater wage. In many circumstances in New Mexico, the New Mexico base pay will use as it typically ensures a greater wage rate for staff members than federal policy
New Mexico Payroll Calendar 2024
Companies covered by New Mexico’s wage payment legislation need to pay salaries in periods of not more than 16 days. Salaries made from the very first day to the 15th day of a month need to be paid by the 25th day of that month (by the last day of the month if payroll comes from out of state), and incomes made from the 16th day to the end of the month need to be paid by the 10th day of the next month.
New Mexico Earnings Tax Withholding
New Mexico’s regulation obligates companies to keep state earnings tax from workers’ incomes and remit the quantities kept to the Tax and Revenue Department.