Small Business Tax Penalties
October 30th, 2010
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Question: if you take your 401(k) out to do business, do you have to pay tax & how much is it?
I am a mother of two and looking for a small business to do so i will have flexible hour for my kids. I need some money to start up and i am thinking may be i should take money from 401k. I wonder if i have to pay penalty for early withdraw and how much is it?
Thanks for professional anwser
Answer: The penalty for early withdrawal from a 401K is 10% of the amount withdrawn. In addition to that, you’ll have to pay income tax on the amount withdrawn as ordinary income – the amount you pay will depend on your tax bracket.
Candidates speak at St. John’s forum
With Election Day less than a week away, the battle for the ballot is heating up among Queens’ congressional candidates. Six of the area’s hopefuls were on hand Monday night at St. John’s University to voice their positions on a host of issues.
Tax Hikes
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