Summary
If you make $40,700 a year living in the region of Minnesota, USA, you will be taxed $8,327. That means that your net pay will be $32,373 per year, or $2,698 per month. Your average tax rate is 20.5% and your marginal tax rate is 26.5%. 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 $26.45, hence, your net pay will only increase by $73.55.
Bonus Example
A $1,000 bonus will generate an extra $736 of net incomes. A $5,000 bonus will generate an extra $3,678 of net incomes.