President Barack Obama and First Lady Michelle have paid $98,169 in taxes on their $481,098 income for the 2013 fiscal year, according to tax returns the White House released Friday.
They paid an effective federal income tax rate of 20.4 per cent.
The couple’s 2013 federal income tax return was posted on the White House website four days before the tax filing deadline.
Forbes notes that sales of the President’s book dropped from $258,722 in 2012 down to $104,000 this past year.
In 2011, they earned $844,585 while paying $162,074 in federal taxes. After deductions, the couple’s adjusted gross income was $608,611 in 2012 and $789,674 in 2011.
Obama’s annual presidential salary is $400,000. He had planned to return 5 percent of his pay in 2013 as a gesture of solidarity with federal government workers who faced unpaid leave amid deep spending cuts.
Obama reported $394,796 in 2013 wages, and it was not immediately clear if or how he returned any portion of those earnings.