Summary
If you make $121,921 a year living in the region of Iowa, USA, you will be taxed $35,731. That means that your net pay will be $86,190 per year, or $7,183 per month. Your average tax rate is 29.3% and your marginal tax rate is 38.1%. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of $100 in your salary will be taxed $38.13, hence, your net pay will only increase by $61.87.
Bonus Example
A $1,000 bonus will generate an extra $619 of net incomes. A $5,000 bonus will generate an extra $3,094 of net incomes.