Bringing on your first employee is a milestone, and it comes with a handful of new registrations and filings. Here’s the checklist we walk new employers through.
- Get an Employer Identification Number (EIN) from the IRS if you don’t already have one.
- Register with the New Mexico Taxation and Revenue Department so you can withhold and pay state income tax.
- Register with the New Mexico Department of Workforce Solutions for state unemployment insurance.
- Collect Form W-4 and Form I-9 from your new employee on or before their first day.
- Report the new hire to the New Mexico New Hire Directory.
- Check your workers’ compensation requirements. In New Mexico, most employers with three or more employees need coverage.
- Set up federal tax deposits and quarterly filings, including Form 941 and deposits through EFTPS.
Let us handle it
Payroll rules change and the penalties for late deposits add up quickly. Our payroll service covers registrations, every pay run, quarterly and annual filings, and W-2s, so you can focus on running the business.
