(Bloomberg) President Barack Obama and his wife, Michelle, reported adjusted gross income of $436,065 for 2015, down 8.7 percent from the previous year, according to tax returns released Friday by the White House.

The Obamas paid $81,472 in federal taxes for an effective income tax rate of 18.7 percent. They made most of their income from the president’s salary, plus $60,745 in book royalties. They were due a federal refund of $22,859.

Barack Obama, 54, and Michelle Obama, 52, donated $64,066 to charity, 14.7 percent of their adjusted gross income, according to a statement issued with the returns. Their largest donation, $9,066 went to the Fisher House Foundation, a Rockville, Maryland-based organization that provides housing to families of military members and veterans receiving medical treatment. The next largest donations, both for $5,000, went to Sidwell Friends School, a private school that their two daughters attend, and the Beau Biden Foundation, which honors Vice President Joe Biden’s late son.

The White House also released a state return showing that the Obama family paid $16,017 in Illinois taxes.

Biden and his wife, Jill, reported $392,233 in adjusted gross income and $91,546 in federal taxes for an effective tax rate of 23.3 percent. Their income was up 1 percent from 2014.

The Bidens donated $6,620 to charity, 1.7 percent of their adjusted gross income. Their largest donation, $2,400, was to the Catholic Diocese of Wilmington, Delaware.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access