As of July 2010, federal minimum wage is $7.25 and Minnesota minimum wage is the same because federal law prevails. However, by statute, the minimum wage in Minnesota is $5.25 or $6.15 depending on annual sales.
There is no formula to determine minimum wage. Minimum wage is based on a few things such as inflation, unemployment rate, and cost of living. The main person who determines minimum wage is mainly determined by the sponsor of the wage bill.