My company has been bought out and the new one is not taking on us workers so I am going to cash out my 401k will I pay the early withdrawl pently I am 48

Yup, unless you roll it over.

my company has been bought out and the new one is not taking on us workers so i am going to cash out my 401k will i pay the early withdrawl pently iam 48
If you must liquidate, don't forget to roll it over to a deep discount broker. Depending on the assets, the savings could mean a lot more money.

Roll the money over into a rollover IRA.

Do it using the custodian-to-custodian method (any brokerage firm will help you with the process).

Otherwise, you will pay normal state and federal income taxes PLUS a 10% Early Withdrawal Penalty. The taxes could approach 50%.