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.
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.
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.
