What are the various tax brackets for individuals?

The tax brackets for individuals in New Mexico are structured to apply different rates based on income levels. As of the latest available information, the personal income tax rates range from one percent to 5.9 percent, reflecting a progressive tax system. This means that individuals with lower incomes are taxed at lower rates, while those with higher incomes face higher rates. For single filers, the brackets typically start with a one percent tax on the first segment of taxable income, gradually increasing through the brackets. As income rises, individuals may find themselves in higher tax brackets, ultimately reaching the highest rate of 5.9 percent for the top segment of taxable income. For married couples filing jointly, the brackets are generally similar, but the income thresholds for each bracket are often doubled compared to single filers. This system is designed to ensure that the tax burden aligns with an individual's ability to pay. It is always beneficial for individuals to consult the New Mexico Taxation and Revenue Department's current website for the most accurate updates and specific income thresholds for each tax bracket, as these can change from year to year.