I'm not aware of a way to toggle mixer on/off restoring your previous volume. So I just created a quick shell script to do it. Maybe someone will find it useful.
#!/bin/sh
VOL=$(mixer | awk -F ':' '/vol/{print $2}')
if [ $VOL -gt 0 ]; then
echo "${VOL}" > $HOME/.cache/mixervol
mixer vol 0 > /dev/null 2>&1
notify-send -i /usr/local/share/icons/gnome/32x32/status/audio-volume-muted.png "Volume Muted"
else
OVOL=$(cat $HOME/.cache/mixervol)
mixer vol ${OVOL} > /dev/null 2>&1
notify-send -i /usr/local/share/icons/gnome/32x32/status/audio-volume-medium.png "Volume Restored ${OVOL}"
fi