1 Cool on a wire rack for just a few minutes, then place on cake platter. 2  To make the glaze, mix together in a small saucepan 1 cup sugar, water, 1 teaspoon coconut extract, and walnuts.3  Boil for 1 minute, and pour over still warm cake. Cool on a wire rack for just a few minutes, then place on cake platter. 2  To make the glaze, mix together in a small saucepan 1 cup sugar, water, 1 teaspoon coconut extract, and walnuts.
In addition to federal and state income tax, investors younger than 59Â½ who cash out have to pay a 10% early withdrawal penalty. The potential result: Cashing out $50,000 in 401(k) savings may leave just $35,000 in cash after 20% withholding and a 10% early withdrawal penalty.n addition to federal and state income tax, investors younger than 59Â½ who cash out have to pay a 10% early withdrawal penalty. The potential result: Cashing out $50,000 in 401(k) savings may leave just $35,000 in cash after 20% withholding and a 10% early withdrawal penalty.
Tax Laws and 401k Plans. The IRS is pretty clear about taxes and 401k plans: If you withdraw money or cash out your 401k, you will pay taxes on it. How much really depends on your individual circumstances. For starters, everyone is in a tax bracket.The tax bracket can be as low as 10% or as high as 35% for those making at least $388,350 and filing as single. That tax bracket is applied to not just your withdrawal amount, but your entire income for that year.ow much really depends on your individual circumstances. For starters, everyone is in a tax bracket. The tax bracket can be as low as 10% or as high as 35% for those making at least $388,350 and filing as single.