What payroll deadlines should employers track?

Payroll Tax Deadlines for Employers in New Mexico

Employers operating in New Mexico must track several key payroll tax deadlines to ensure compliance with state and federal requirements. Timely payroll tax payments and filings help avoid penalties and maintain smooth business operations.

Federal Payroll Tax Deadlines

• Federal Income Tax Withholding and Social Security/Medicare Taxes (FICA): Deposit schedules depend on your total tax liability. Most employers deposit monthly or semi-weekly using the Electronic Federal Tax Payment System (EFTPS). Payroll tax deposits are typically due by the following dates:
  • Semi-weekly deposit schedule: Taxes withheld on Wednesday, Thursday, and/or Friday must be deposited by the following Wednesday. Taxes withheld on Saturday, Sunday, Monday, and/or Tuesday must be deposited by the following Friday.
  • Monthly deposit schedule: Taxes are due by the 15th of the following month.
• Quarterly Federal Tax Return (Form 941): Due by the last day of the month following the end of each quarter:
  • Q1 (Jan-Mar): April 30
  • Q2 (Apr-Jun): July 31
  • Q3 (Jul-Sep): October 31
  • Q4 (Oct-Dec): January 31 of the following year
• Annual Federal Unemployment Tax (FUTA) Return (Form 940): Due by January 31 of the following year.

New Mexico State Payroll Tax Deadlines

• New Mexico Gross Receipts Withholding Tax: If your business withholds gross receipts tax on employee wages, deposits are typically due monthly or quarterly based on your withholding amount. Verify your deposit schedule with the New Mexico Taxation and Revenue Department.
• New Mexico Quarterly Withholding Tax Return (Form RPD-41285): Due on the last day of the month following each calendar quarter:
  • Q1 (Jan-Mar): April 30
  • Q2 (Apr-Jun): July 31
  • Q3 (Jul-Sep): October 31
  • Q4 (Oct-Dec): January 31 of the following year
• New Mexico Annual Reconciliation of Withholding Tax: Due by January 31 of the following year to reconcile state withholding amounts.

Operational Tips for Payroll Tax Compliance

• Automate payroll tax calculations and deposits: Use payroll software integrated with federal and state tax tables to reduce errors and meet deadlines.
• Maintain accurate employee records: Track employee wages, withholdings, and classifications to ensure correct tax reporting.
• Monitor changes in tax rates and deposit schedules: Tax requirements can change annually; review updates from the IRS and New Mexico Taxation and Revenue Department regularly.
• Schedule reminders for all tax filing and payment deadlines: Set calendar alerts to avoid late submissions and penalties.
• Keep documentation organized: Retain copies of payroll tax filings, payment confirmations, and employee tax forms for at least four years.