Summary
If you make $24,020 a year living in the region of Iowa, USA, you will be taxed $3,711. That means that your net pay will be $20,309 per year, or $1,692 per month. Your average tax rate is 15.5% and your marginal tax rate is 23.4%. 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 $23.38, hence, your net pay will only increase by $76.62.
Bonus Example
A $1,000 bonus will generate an extra $766 of net incomes. A $5,000 bonus will generate an extra $3,831 of net incomes.