Salary rate
Annual
Month
Biweekly
Weekly
Day
Hour
Withholding
Salary
$34,742
Federal Income Tax
- $2,410
State Income Tax
- $1,685
Social Security
- $2,154
Medicare
- $504
Total tax
- $6,752
Net pay
* $27,990
Marginal tax rate
25.8%
Average tax rate
19.4%
80.6%
Net pay
19.4%
Total tax
Total tax
Net pay
Summary
If you make $34,742 a year living in the region of Minnesota, USA, you will be taxed $6,752. That means that your net pay will be $27,990 per year, or $2,332 per month. Your average tax rate is 19.4% and your marginal tax rate is 25.9%. 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 $25.85, hence, your net pay will only increase by $74.15.
Bonus Example
A $1,000 bonus will generate an extra $742 of net incomes. A $5,000 bonus will generate an extra $3,708 of net incomes.
NOTE* Withholding is calculated based on the Minnesota tables of USA, income tax. For simplification purposes some variables (such as marital status and others) have been assumed. This document does not represent legal authority and shall be used for approximation purposes only.