Salary rate
Annual
Month
Biweekly
Weekly
Day
Hour
Withholding
Salary
$42,283
Federal Income Tax
- $3,314
State Income Tax
- $2,196
Social Security
- $2,622
Medicare
- $613
Total tax
- $8,745
Net pay
* $33,538
Marginal tax rate
26.4%
Average tax rate
20.7%
79.3%
Net pay
20.7%
Total tax
Total tax
Net pay
Summary
If you make $42,283 a year living in the region of Minnesota, USA, you will be taxed $8,745. That means that your net pay will be $33,538 per year, or $2,795 per month. Your average tax rate is 20.7% 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.
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.