Your ticket should have the address and phone number of the courthouse where the case will be filed. You can call the clerk of the court for the fine amount.
Vehicle Code 22350, the "basic speed law," is an infraction, so you cannot be sentenced to jail.
Since the officer estimated your speed, the judge might give you a break on the amount of the fine, but people -- even those who aren't police officers -- can testify to their estimates of the speed of a vehicle. You would have a chance to cross-examine the officer to question the accuracy of his estimate.
Should you contest it? That's up to you. I would recommend that you invest $25 or so in a copy of "Fight Your Ticket & Win in California," published by Nolo Press. It's available at most bookstores and online retailers. Make sure you get the latest edition, ISBN 9781413310306.
Mr. marshall is correct with his repsonse. If you are lucky, you may get a courtesy notice from the court indicating whatyour fine will be. You can always contest a ticket. Going 50 mph above the speed limit is somewhat excessive-and it may be worthwhile to hire a traffic ticket attorney.
Whether you want to contest it or not is your decision. How much time will it take out of your schedule to go to court and possibly traffic school? How much a year will your insurance go up if you plead no contest/guilty? Do you drive for a living? If so, how might this affect your job. Due to the high speed for which you were cited, if you decide to go to trial, you should consider hiring a traffic attorney if you want to really maximize your chances of winning. I've done traffic court cases at Torrance before so call me anytime if you want to discuss your situation at (323) 304-4778. I'm available 24/7.