New Mexico State Tax 2018-2025 Form

What is the New Mexico FYI 104?

The New Mexico FYI 104 is a state-specific tax form used for reporting income tax withholding for employees. This form is essential for employers to accurately report the amount of state income tax withheld from employees' wages. The FYI 104 is particularly important for ensuring compliance with New Mexico tax regulations and helps maintain proper records for both employers and employees. It is a fillable form that can be completed online, making it convenient for businesses to manage their tax obligations efficiently.

How to Use the New Mexico FYI 104

Employers use the New Mexico FYI 104 to report the total amount of state income tax withheld from their employees' paychecks. To use this form effectively, employers should gather all necessary payroll information, including employee names, Social Security numbers, and the total wages paid. Once this information is compiled, employers can fill out the FYI 104, ensuring that all fields are completed accurately. After completing the form, it can be submitted electronically or printed for mailing, depending on the employer's preference.

Steps to Complete the New Mexico FYI 104

Completing the New Mexico FYI 104 involves several key steps:

1. Gather all relevant payroll data for the reporting period, including employee wages and tax withholdings.
2. Access the FYI 104 form online, ensuring you have the latest version for the tax year.
3. Fill in the required fields, including employer information, employee details, and total withholding amounts.
4. Review the completed form for accuracy, checking all entries against payroll records.
5. Submit the form electronically through the appropriate state portal or print it for mailing.

Filing Deadlines / Important Dates

It is crucial for employers to be aware of the filing deadlines associated with the New Mexico FYI 104. Typically, the form must be submitted by the end of the month following the end of the quarter in which the taxes were withheld. For example, for wages paid in the first quarter, the FYI 104 must be filed by April 30. Employers should also keep an eye on any changes to deadlines that may arise due to state regulations or tax law updates.

Form Submission Methods

The New Mexico FYI 104 can be submitted through various methods, providing flexibility for employers. The primary submission methods include:

• Online Submission: Employers can submit the form electronically through the New Mexico Taxation and Revenue Department's online portal.
• Mail: The completed form can be printed and mailed to the appropriate state office.
• In-Person: Employers may also choose to deliver the form in person at designated state offices.

Penalties for Non-Compliance

Failure to file the New Mexico FYI 104 by the deadline can result in penalties for employers. These penalties may include fines based on the amount of tax owed and the length of time the form is late. Additionally, non-compliance can lead to increased scrutiny from tax authorities and potential audits. It is important for employers to stay informed about their filing requirements to avoid these consequences.