Per the 2008 Bail and Fee schedule, CVC 22349(a) should have a fine and fee penalty assessment of about $380 for 30 MPH over the limit and one point assessed to your license if convicted.
You will not be eligible for traffic school without going before a judge should you opt for traffic school.
Note that it is very odd to charge 22349(a) off the freeway ... citing it for doing 70 in a 40 is very unusual.
In fact, the bail and fee schedule would seem to indicate that it is not to be used for this speed limit at all, though the text fails to restrict the violation to maximum speed limits.
22349. (a) Except as provided in Section 22356, no person may drive
a vehicle upon a highway at a speed greater than 65 miles per hour.