State Income Tax Withholding QUICK REFERENCE For DLJSC ...

Net Distribution = Gross Distribution - Tax EXAMPLE 1– A resident of Massachusetts requests a distribution of $20,000.00. With 10% federal tax withholding and 5.85% state tax withholding, the account would receive a net payment of $16,830.00. The following calculation illustrates this example: Gross Distribution $20,000.00 Less: Federal Tax at 10% -$2,000.00 Less: State Tax at 5.85% -$1,170 ... ................
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