Section 7-2-7 - Individual income tax rates. (Effective January 1, 2004 through December 31, 2004.) - New Mexico Statutes

7-2-7. Individual income tax rates. (Effective January 1, 2004 through December 31, 2004.)

The tax imposed by Section 7-2-3 NMSA 1978 shall be at the following rates for any taxable year beginning in 2004:   

A.     For married individuals filing separate returns:   

    If the taxable income is:  The tax shall be:     Not over $ 4,000  1.7% of taxable income   Over $ 4,000 but not over $ 8,000  $ 68.00 plus 3.2% of excess over $ 4,000  Over $ 8,000 but not over $ 12,000 $ 196 plus 4.7% of excess over $ 8,000  Over $ 12,000 but not over $ 20,000    $ 384 plus 6.0% of excess over $ 12,000   Over $ 20,000  $ 864 plus 6.8% of excess over $ 20,000.    

B.     For surviving spouses and married individuals filing joint returns:   

    If the taxable income is:  The tax shall be:     Not over $ 8,000 1.7% of taxable income  Over $ 8,000 but not over $ 16,000 $ 136 plus 3.2% of excess over $ 8,000   Over $ 16,000 but not over $ 24,000 $ 392 plus 4.7% of excess over $ 16,000  Over $ 24,000 but not over $ 40,000   $ 768 plus 6.0% of excess over $ 24,000   Over $ 40,000 $ 1,728 plus 6.8% of excess over $ 40,000.    

C.     For single individuals and for estates and trusts:   

    If the taxable income is:   The tax shall be:     Not over $ 5,500 1.7% of taxable income   Over $ 5,500 but not over $ 11,000 $ 93.50 plus 3.2% of excess over $ 5,500   Over $ 11,000 but not over $ 16,000  $ 269.50 plus 4.7% of excess over $ 11,000   Over $ 16,000 but not over $ 26,000   $ 504.50 plus 6.0% of excess over $ 16,000   Over $ 26,000 $ 1,104.50 plus 6.8% of excess over $ 26,000.    

D.     For heads of household filing returns:   

    If the taxable income is: The tax shall be:    Not over $ 7,000 1.7% of taxable income   Over $ 7,000 but not over $ 14,000 $ 119 plus 3.2% of excess over $ 7,000   Over $ 14,000 but not over $ 20,000 $ 343 plus 4.7% of excess over $ 14,000   Over $ 20,000 but not over $ 33,000   $ 625 plus 6.0% of excess over $ 20,000   Over $ 33,000 $ 1,405 plus 6.8% of excess over $ 33,000.   
                                                            

E.     The tax on the sum of any lump-sum amounts included in net income is an amount equal to five multiplied by the difference between:   

(1)     the amount of tax due on the taxpayer's taxable income; and   

(2)     the amount of tax that would be due on an amount equal to the taxpayer's taxable income and twenty percent of the taxpayer's lump-sum amounts included in net income.