Posted on 04/11/2014 2:37:48 PM PDT by kingattax
WASHINGTON (AP) — President Barack Obama and Michelle Obama paid $98,169 in taxes on $481,098 income last year, tax returns the White House released Friday show. They paid an effective federal income tax rate of 20.4 percent and donated significantly less to charity than they did the year before.
The 42-page document, which included the couple's Illinois state income tax return, shows the Obamas reported donating $59,251 to 32 charities, which helped lower their overall tax bill. The nearly $60,000 in donations represents 12.3 percent of their adjusted gross income.
(Excerpt) Read more at news.yahoo.com ...
Somehow their “charity” probably made it back into their own pockets.
Looks like the meters were not running on AF1,2&3 when Moocher and her entourage took off to numerous deluxe destinations.
why am i paying more in percentage than the obammies
and i don’t have healthcare.
ugh
t
can we sue for reclamation of vacation costs
how about we call those vacation expenses “taxpayer reparations” ?
What did he pay on the millions hes earned over and above his presidential salary?
That is the first think I noticed.
I take whatever deductions I can and paid a much higher percentage.
think = thing
“What did he pay on the millions hes earned over and above his presidential salary?”
MAYBE NOT MILLIONS ANYMORE
That plate would make a great target at the trap range.
Nobody ever mistook me for Copernicus, but I am pretty sure the amount he paid doesn’t equate to the 39% bracket in which his salary places him.
The media never do well with numbers...
Barry made $400k as the prezy, and $116k from book sales...
So how does this all add up to just $481k?
Did Moochelle do the standard welfare queen “I lost money on a daycare” ploy?
Anyway...looking at the actually tax form on the White Hut Web Site, $481k is the ADJUSTED GROSS INCOME....not what he earned. So his percentage of income paid towards taxes is even less. His TOTAL INCOME is listed as $503,183...meaning that percentage is really 19.5%.
Same thing with their charitable giving. Its not really 12.3%...its 11.8%.
I still can’t figure out his compensation...$394k when the preeezy salary is supposed to be $400k.
I love how EVERY other time of year, they cry that the ‘RICH’= $250k and up, Aren’t paying their fair share and that anybody making that is probably stealing from poor people.
Yet, EVERY tax season, obama is SILENT about this.
$400k? And only paying $98k???
WHO is not paying their FAIR SHARE??
Pigs.
That should be $190,514.80
He asked Tim Geithner to pay him under that table.
Your ignorance is not helping our cause: With minimal input from "Prof. Google" or "Prof. Bing," you should know that the 39.6% tax rate is the MARGINAL TAX RATE, not the "real" tax rate. Quite frankly, O'DB paid slightly less than many people I know in the same tax bracket on similar income, and I suspect that's because O'DB has two dependants that many of us don't have. I'm not offended by O'DB's tax return; I am offended by DB's hypocracy.
That should be $190,514.80
The 39.6% rate only applies to the amount over $450k for married filing jointly ($400k for single filers). Before any deductions, the total tax on Zero and Moochelle's adjusted gross of $481,098 comes to $135,409. See Bankrate's handy tax calculator.
Their income consisted of the President's pay of $394,796 plus 104,809 in book royalties plus 6,575 in interest plus $3 in ordinary dividends minus a capital loss carryover of 3,000, for a total of 503,183. From that, they got to subtract $20,681 in retirement plan contributions and 1,404 in self-employment tax deduction, resulting in an adjusted gross of $481,098. The book royalties have been fading over the years, resulting in a fairly steep drop in income. View their return here.
They had a total of $147,769 in deductions against that, including state income taxes, real estate taxes, mortgage interest, and gifts to charity.
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