To make the simple syrup, combine water, sugar and jalapeño in a small saucepan over medium-high heat. Remove from heat once sugar has dissolved. Let steep covered for 30 minutes. Discard jalapeño.

To make the smoked chili salt rim, whisk together salt and chili powder. Add to a shallow bowl.

Prepare two cocktail glasses by rubbing the rim with a wedge of lime. Rim the glasses with the smoked chili salt rim. Set aside.

In a shaker filled with ice, combine lime juice, Jalapeño Simple Syrup, gold tequila, chili powder, and orange liqueur for the margaritas.

Fill the two rimmed glasses with ice. Strain cocktail evenly between the two glasses.

Garnish with lime wedges and serve immediately.