ARCHIVED - 1995 General Income Tax Guide
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ARCHIVED - Line 419 - Federal individual surtax
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You have to pay a federal individual surtax of 3% of your basic federal tax after deducting any federal forward-averaging tax credit you are entitled to claim on your 1995 return. If your basic federal tax less your federal forward-averaging tax credit is more than $12,500, you have to pay an extra surtax of 5% (for a total of 8%) on the amount that is more than $12,500. Use Schedule 1 to determine your federal individual surtax.
Tax Tip
If you can claim a foreign tax credit or investment tax credit, you may be able to reduce the federal individual surtax you have to pay by the unused part of these credits. For details, get Form T2209, Calculation of Federal Foreign Tax Credits, and Form T2038(IND.), Investment Tax Credit (Individuals).
- Date modified:
- 2002-02-04