http://money.cnn.com/2013/04/12/pf/taxes/obama-tax-returns/index.html The returns show the president and First Lady Michelle Obama earned $608,611 last year, and paid $112,214 in taxes. Sales from his best-selling books slowed even further in 2012, bringing his overall gross adjusted income down 30% compared to 2011. 12 tax audit red flags To avoid catching the attention of the IRS, beware of... [more]
http://money.cnn.com/2013/04/12/pf/taxes/obama-tax-returns/index.html
The returns show the president and First Lady Michelle Obama earned $608,611 last year, and paid $112,214 in taxes. Sales from his best-selling books slowed even further in 2012, bringing his overall gross adjusted income down 30% compared to 2011.
12 tax audit red flags
To avoid catching the attention of the IRS, beware of these pitfalls.
Obama's effective tax rate in 2012 was about 18.4%. He overpaid taxes last year to the tune of $16,815, according to the return. But instead of a refund, the president chose to apply the overpayment to his 2013 tax bill.
The president earns a salary of $400,000 for his day job. His total earnings are higher because his books -- "Dreams From My Father," and "The Audacity of Hope" -- continue to attract buyers.
The Obamas donated $150,000, or 24% of their income, to 33 different charities.
Obama is donating the proceeds from his latest book, "Of Thee I Sing," to a Fisher House scholarship fund for children of fallen and disabled soldiers. In 2012, the contribution was $103,871.
The Obamas also paid $29,450 in state income taxes to Illinois.
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