Obamas pay $93,362 in federal taxes; tax rate of 20 percent

FILE - In this Feb. 9, 2015 file photo, President Barack Obama answers a question during a joint news conference with German Chancellor Angela Merkel in the East Room of the White House in Washington. President Barack Obama asked Congress Wednesday to formally authorize war against the Islamic State group, arguing the militants could pose a threat to the U.S. homeland if their violent power grab goes unchecked and urging lawmakers to “show the world we are united in our resolve to counter the threat.” (AP Photo/Evan Vucci)

WASHINGTON (AP) — President Barack Obama and his wife, Michelle, paid more than $93,000 in federal taxes last year on an adjusted gross income of more than $477,000, according to tax returns released Friday by the White House.

Their effective tax rate was 19.6 percent, the returns show.

The Obamas lowered their 2014 tax bill by claiming nearly $160,000 in itemized deductions, including $70,712 in charitable donations to 33 different charities. Altogether, they donated nearly 15 percent of their income.

The largest was a $22,012 donation to the Fisher House Foundation, which supports military families. They also donated $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 $395,000 in wages. The couple also reported making $94,889 from the sale of Obama’s best-selling books. That’s down from more than $116,000 the year before.

Obama received $51,167 from Random House and $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 $20,641. They could have received an additional $5,000 but opted to apply that amount to their 2015 tax bill.

The couple reported paying $22,640 in state income tax.

The White House also released the 2014 income tax returns for Vice President Joe Biden and his wife, Jill.

The Bidens paid more than $90,000 in federal taxes last year on adjusted gross income of nearly $389,000.

They paid an effective federal income tax rate of 23.3 percent.

The Bidens reported $7,380 in donations to charity.

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