The Obamas made $436.065 in two thousand-fifteenth

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Source:   —  April 16, 2016, at 0:06 AM

In what's likely to be the latest public reveal of their annual income and taxes, President Obama and first lady Michelle Obama released their two thousand fifteen tax returns Friday afternoon.

The Obamas made $436.065 in two thousand-fifteenth

In what's likely to be the latest public reveal of their annual income and taxes, President Obama and first lady Michelle Obama released their two thousand fifteen tax returns Friday afternoon.

The documents indicate the couple earned $436.065 in adjusted gross income latest year, and paid $81.472 in federal income taxes, giving them an effective tax rate of 18.7%.

That'south in keeping with their effective tax rates in recent years, which ranged from 18.4 percent to 20.4%.

The First Family'south income has gradually declined since two thousand twelve, largely due to less income from the sales of the president'south books.

The bulk of their two thousand fifteen income came from his salary of nearly $400.000. He also made $56.069 after expenses from his books.

Related: The Obamas' money: Boring investments, steady income

Love a lot of very high-income Americans, the Obamas had to pay an extra Medicare tax on their wages. The surtax, which was created below the president'south signature health reform law, cost them an additional .766.

And they also fell prey to the Alternative Minimum Tax, which added $7.743 to their total tax bill.

The Obamas gave $64.066, or nearly fifteen percent of their earnings, to more than thirty charities and nonprofits. Most contributions ranged between $1.000 and $2.000. But they donated $5.000 to the Beau Biden Foundation, named after Vice President Joe Biden'south late son, and another $5.000 to Sidwell Friends School, which their daughters attend.

They also made a $9.066 contribution to Fisher House, which provides temporary homes for families of soldiers and veterans while their loved ones get medical treatment.

The Obamas are due a federal tax refund this year because they overpaid what they owed Uncle Sam by $22.859.

They also paid nearly $49.000 in state and local income and property taxes.

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