President Obama Earned Less Income In 2012 And Paid $112K In Taxes

President Obama and the First Family made almost $609,000 in income in 2012, which is less than what the Commander-in-Chief earned in all his previous years in office.

According to tax returns released by the White House on Friday, the president and First Lady Michelle Obama earned $608,611, 30 percent less than Obama's income in 2011. He also paid a 18.4% tax rate which equates to $112,214 in taxes. Last year, the president overpaid in taxes, according to the return, and chose to apply the overpayment to his 2013 tax bill.

The Obamas also paid $29,450 in state income taxes to Illinois, according to their state tax returns.

Although the president earns an annual salary of $400,000 , 40 percent of their gross income was streamed from Obama's best-selling books which include "Dreams From My Father" and "The Audacity of Hope."

The president and first lady reported donating $150,034, or 24.6 percent of their income, to 33 charities. The largest contribution last year was a $103,871 donation to Fisher House Foundation, an organization that provides humanitarian services to military members, veterans and their families. Other charitable groups that received donations from the president for $5,000 or less include the American Red Cross, Habitat for Humanity, Boys & Girls Clubs of America and the United Negro College Fund.

In 2011, the Obamas donated over $172,000 to charity.

The White House also released tax returns for Vice President Joe Biden and his wife, Dr. Jill Biden revealing that they paid $87,851 in federal income taxes on $385,072 in adjusted gross income, for an effective federal tax rate of 22.8 percent.