Withdrawing profits from stock sale taxes I will owe?

I have an Ameritrade account I funded on my own that is a "cash account" ie Not an IRA or Roth. It is my understanding I can use it like a bank account. When I dont have it tied to stocks, the cash is in a MM fund that gets interest. My question is, I traded a stock that I bought 3 times over this year and I made $500 profit from 2 sell orders. If I wanted to withdraw that $500 how do I determine what to pay tax man (and when). Do you have any references for newbie investors like me? What I'm doing is what alot of people do right? Or is this a big penalty?
Additional Details
Ameritrade doesn't take any taxes. I dont know how to calculate this

On your tax return, this will be reported on page 1 of the 1040 and you will list the detail and calculate the tax on Schedule D & the instructions. In terms of how much will be taxed, I would save 28% of the profit for taxes. It is a short term investment and from what I understand that is the current tax rate.

I couldn't tell you exactly but my broker takes 18% of the profits after the sale for taxes. But you would have to also consider your other income to determine how much you want taken out.. since you are your own broker I would just to be safe take 15% for taxes.

edit: you may want to take a portion of the profit and put into an IRA to save taxes..you're not getting any younger you know.

The taxable event is getting out of the position. Withdrawing funds from a money market account (with a fixed NAV) is not a taxable event........

You will be taxed on your profit less the transaction cost. If you had a significant profit this year (over last year) you'd be required to pay estimated taxes. It's unlikly $500 would put you in that type of position.

Most of the answers you've recived are dead wrong.

The profit would be taxed at your earnings rate.
If the gain was from a security held more than one year, your maximum gain is 20% (you could pay less... but the max is 20%).

Generally, on a non-IRA or 401k account, you will pay your taxes on your stock's capital gains and dividends and your MM's dividends, once a year when you do your income taxes by April 15th. The form will be called Schedule D, or D1 if you need more room. If you trade a lot, it's best to make copies of the blank D1 to use. Your brokerage will send you a summary of your transactions for the year around the same time that you get your W2 form. (See first link for example of filled in Schedule D)
The only time that you will pay during the year otherwise, is if you make so much gains on your stocks, that the amount of taxes that you will owe after you determine all your gains and losses, will exceed 10% of the total taxes you owe on your income, capital gains, etc for the total year that hasn't been withheld yet by an employer. It doesn't sound like you are at that point, but for future references, that is known as paying estimated taxes, or in some cases like large fund redemptions, the brokerage will ask if you want money withheld for taxes. If someone does accidentally not pay the proper estimated taxes, there is a penalty, which I consider pretty nominal.
One other thing that beginners should be aware of is, that if they keep buying and selling the same company's stock, they may be stopped from taking a tax credit on any loss by what is known as the Wash Rule. (see link later to not be sidetracked) "The wash sale rule prevents you from claiming a loss on a sale of stock if you buy replacement stock within the 30 days before or after the sale" Again, that is only for claiming a loss.
All that being said, you can use your money from gains etc as you wish during the year.
If a stock isn't held for a year, it is considered to have a short-term capital gain or loss. Over a year is long-term. These are taxed differently, but before I get into that, all your taxes will be based on what tax bracket you are being taxed at. So if you generally pay say 13%, and your stock capital gains still keep you within that 13% bracket, that's what you will pay on the stock capital gains.
Long-term vs short-term can make a difference in savings on tax, but one should not let oneself be blindsided to what may be a benefit in selling short-term. Long term holdings are taxed at 5% for the lowest two tax brackets to 15% for those in brackets of 15% or higher, vs short term which will be taxed at whatever your tax bracket is.
Doing these capital gains taxes can be tedious if you make a lot of trades, but it's pretty easy.
I've yet to use a tax consultant or cpa, and I've done some gnarly taxes with inheritance, cross state /partial year residences with unemployment, etc.
Good luck.

Brokers report every sell trade you make to the IRS in the full value/ amount of the sell. You will have to report the capital gain on your tax report whether you leave it in the cash account or withdraw it......the IRS will have the amount traded. It's up to you to report the amount that was profit from your account sell activity. Note if you do not report these activities on your taxes...........you will get a tax audit from the IRS saying you didn't report this and they figured you own the tax on the $ amount of the trade.........YES OR NO pay or dispute the tax bill they send you which includes the penalty for not paying your tax amount. No lots of people do not do what you say. Never ignore your 1099-B form.

If you buy and sell stocks over the same 12 month period without holding them for I believe 1 year, you are subject to the capital gains tax contingent upon your tax bracket. It gets sticky and the rules and conditions are interpreted differently by the government than normal people so your best bet is a good CPA, or tax pro.

If you want to be safe, put 45% back for the taxes and incidentals. That usually covers everything.

Any profit you make from a stock sale is taxed at a solid 15%. If you make a profit and reinvest that profit back in another stock, you still own 15% on that profit.

I say it's like a casino - even if you win - the house still gets theirs.

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