The withdrawal will be subject to a 30% tax initially. This a 20% withholding (just like on your paycheck) plus a 10% penalty that you will not get back and does not count towards your yearly tax payments.
You may be able take a 401K loan instead, if you think you will be able pay it back within 60 months. The loan option depends on the 401K administration, and the government does not take a penalty or set the rules for the loan.

You will probably have to pay a 10 percent penalty, maybe more. Then you will also be taxed at the highest tax bracket (35%) because the irs doesn't know how much you will earn this year. So you will pay 45% minimum of your 401K. When you call to close the 401K they will probably know how much you will receive.

Do you have a new job that provides a 401K benefit? If so, then you can roll over your 401K to your new employer. I believe you can also roll it over into an IRA with a financial institution. If you are looking to take a loan then roll it over to your new job and barring any waiting period, apply for a loan. This way you won't get any taxes or penalties but you will have to pay it back through payroll deductions.

Loans and hardship are generally not allowed if you are no longer an employee with the plan sponsor. The administrator will initially withhold 20% federal tax from the payment made to you if you close.. ($5000 - 1000 = $4000 to you)
There is probably a distribution fee --- and depending on your state you may have state tax withheld as well (required in AR, CA, DE, IA, KS, ME, MD, MA, NE, NC, OK, OR, VT and VA)
There will also be 10% early withdrawal penalty assessed next tax filing if you are under 59 1/2----
You can ask the administrator to withhold that as well if you would like. Either way you would receive a 1099r next year to file with your taxes stating what you received and the taxes already paid.

Rolling to the new plan is a good idea if they offer loans...(not all plans do)... there is no tax on a loan unless it defaults.