answersLogoWhite

0

If you are resigning before completing 5 years of service then yes, the amount you withdraw is taxable. The tax is not 20% but instead, the amount withdrawn is added up with your annual salary and taxed according to the prevailing tax slabs

User Avatar

Wiki User

12y ago

What else can I help you with?

Related Questions

Is a withdraw debited?

Yes, a withdrawal is typically debited from your account. When you withdraw funds, the amount is deducted from your account balance, reflecting a decrease in your available funds. This transaction is recorded as a debit entry in your account statement.


What is deducted amount?

what is the amount dedution for my medicare


What is the percent of taxes taken out of a paycheck for Oklahoma?

You can use the following calculator to determine how much tax will be deducted from your paycheck: http://www.paycheckcity.com/NetPayCalc/netpaycalculator.asp Remember that the amount of income tax deducted depends on how you fill out Form W-4 that you give to your employer. It is not the real amount of tax you owe. The real amount is calculated when you fill out your tax return at the end of the year. When you fill out and file your tax return, you will get a refund if too much was deducted or you will pay more if not enough was deducted.


How do you use an ATM?

you use ATM to withdraw money when you need it. it's is like a bankbook that is handy. you can also use it as a debit card. you can shop items and pay with your ATM that the amount will be deducted from your balance in the account.


What amount will you lose for early withdrawal on a 20000 6 percent Certificate of Deposit?

It depends on the terms of the deposit and how early you withdraw.


What is the maximum amount of property tax that can be deducted in California?

The maximum amount of property tax that can be deducted in California is 10,000 per year.


What does the word deductible mean?

Nothing, it is not a word in English.Deductible is. It means an amount removed from the principle sum. It can also mean the amount you have to pay on an insurance claim


What is the meaning of net of regarding contributions for tax purposes?

Net = Amount after tax is deducted (Amount minus tax) Gross = Amount before any tax is deducted


Is tax amount deducted from gross sales to arrive at net sales?

No. tax is deducted from gross sales neither is it deducted from gross profit.


Is it okay to use 401 k to pay for home equity loan?

If you tap your 401K to pay your loan there will be a penalty for early withdrawal (10% ?) and ordinary state and federal income taxes deducted from the amount you withdraw. Those will take a big chunk out of the amount withdrawn.


How much money can a person typically withdraw from an account?

You can withdraw any amount you wish from your account but if you want to withdraw from an ATM there is normally a daily limit in the amount that you can withdraw that depends on each bank.


Can you withdraw only pf amount leaving pension amount?

Yes. When you try to withdraw your PF, only the PF amount will be given to you. The Pension amount goes into a different scheme and hence is not part of the PF corpus that you can withdraw.