I have lost my job and need to get all of my money out of my 401k plan. How much is the penalty and how much tax do I have to pay on my money which I withdraw. Which is about $40,000

FOUR WORDS: Do Not Do IT!

Not only will you pay normal income taxes on the $40K, you will pay a 10% Early Withdrawal Penalty, which is $4,000 right off the top which CANNOT be offset by deductions, exemptions or credits,

All in all, you can expect to lose about one-third of the $40K if you make the withdrawal.