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.
Minimum wage is determined individually by state. In order to find out what the current minimum wage in your state is, contact the US Department of Labor, which keeps track of all minimum wage law updates.