Summary
If you make $122,995 a year living in the region of Iowa, USA, you will be taxed $36,140. That means that your net pay will be $86,855 per year, or $7,238 per month. Your average tax rate is 29.4% 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.