No late tax-filing penalties for the First Family.
President Obama and First Lady Michelle Obama reported $ 495,964 in gross income last year, according to their 2014 tax returns released by the White House on Friday afternoon.
The president’s salary accounted for nearly $ 395,000 of that, while their net business income came to $ 88,181 from Random House and literary management company Dystel & Goderich. They also earned about $ 16,000 in taxable interest.
After accounting for $ 17,400 in tax-deferred retirement savings and a $ 1,181 deduction for the self-employment payroll taxes they paid, their adjusted gross income came to $ 477,383, just a little less than they earned the year before.
So how much of all that went to Uncle Sam? The Obamas’ federal income tax bite came to $ 93,362, or 19.6% of their AGI.
A piece of that tax burden — $ 2,035 — was attributable to the Medicare surtax on high earners that was created to help fund Obamacare.
The Obamas donated $ 70,712, or about 15% of their AGI, to more than 30 charities.
They also paid $ 22,640 in income taxes to their home state of Illinois.