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How Federal Income Tax Brackets Work. Say a married couple, filing jointly, in 2016, had a taxable income of $175,000. Each dollar over $151,900âor $23,100âwould fall into the 28% federal income tax bracket. However, the couples' total federal tax would have been $35,986âjust about 20%, of their adjusted gross income.
New Mexico Income Tax. New Mexicoâs income tax is modeled after the federal income tax, albeit with significantly lower rates. As shown in the table below, there are four income brackets, with higher tax rates applying to higher earnings.