@taxamedmed - the way you wrote the question is a little confusing. but let me give it a try.
1) you withdrew $80k and of that $80k sent $26k to the IRS and $12k to the state, leaving you with $42k. Taxable income is $80k. Assuming you are single, taking the standard deduction in 2023, that means you are generally in the 24% federal tax bracket, so on $80k, that is about $19.2k in federal tax, so $26k sounds "high', I don't know what state this is, so can't state anything about that.
2) you withdrew $118k and of that $118k sent $26k to the IRS and $12k to the state, leaving you with $80k. Taxable income is $118k. Assuming you are single, taking the standard deduction in 2023, that means you are generally in the 24% federal tax bracket, so on $118k, that is about $28k in federal tax, so $26k sounds "reasonable' and really "about right", I don't know what state this is, so can't state anything about that.
I suspect #2 is really what occured because the federal tax withhiolding is more reasonable to what Schwab would have been required to withhold (22%)
