Washington: President Barack Obama and his wife, Michelle, paid more than USD 93,000 in federal taxes last year on an adjusted gross income of more than USD 477,000.
Their effective tax rate was 19.6 percent.
The Obamas lowered their 2014 tax bill by claiming nearly USD 160,000 in itemized deductions, including USD 70,712 in charitable donations to 33 different charities. Altogether, they donated nearly 15 percent of their income, according to tax returns released yesterday by the White House.
The largest was a USD 22,012 donation to the Fisher House Foundation, which supports military families. They also donated USD 5,000 to Sidwell Friends School, the exclusive private school where daughters Malia and Sasha are enrolled.
The 38-page document, which includes the couple's Illinois state income tax return, shows the president made nearly USD 395,000 in wages. The couple also reported making USD 94,889 from the sale of Obama's best-selling books. That's down from more than USD 116,000 the year before.
Obama received USD 51,167 from Random House and USD 43,722 from Dystel & Goderich Literary Management.
The White House released the Obamas' tax returns ahead of the filing deadline Wednesday.
The Obamas are getting a tax refund of USD 20,641. They could have received an additional USD 5,000 but opted to apply that amount to their 2015 tax bill.
The couple reported paying USD 22,640 in state income tax.
