WASHINGTON – President Joe Biden and First Lady Jill Biden paid $150,439 in federal income taxes last year after earning $610,702, according to their joint tax return the White House released on Friday before Monday tax filing deadline.
That’s an effective federal tax rate of 24.6%.
The president’s salary is $400,000. But Biden reported earning $378,333 as president because did not take office until January 20, 2021.
The job of first lady is not paid.
In addition to Biden’s salary, the first couple reported $53,000 in pensions and annuities and $46,000 in Social Security benefits. They also reported receiving $62,000 from two S corporations: Giacoppa Corp. and CelticCapri Corp., which the White House said they created at the end of the Obama-Biden administration for their respective speaking and writing engagements.
The corporations have been dormant since Biden took office, serving only to receive royalties for books published before the administration began, including the president’s 2007 publication, “Promises to Keep,” the White House said.
Jill Biden also reported earning $67,000 teaching at Northern Virginia Community College.
In addition to their federal taxes, the Bidens also paid $30,765 in income taxes to Delaware, where they have a home. Jill Biden paid $2,721 in income taxes to Virginia.
The first family donated a combined $17,394 to 10 charities. The largest gift was a $5,000 donation to the Beau Biden Foundation, a public charity named after Biden’s late son and dedicated to ensuring children are free from abuse. The couple also donated $2,200 to St. Joseph on the Brandywine, the Catholic church they regularly attend in Wilmington, Delaware.
Your federal and income tax bill was similar to last year.
Releasing the president’s tax returns is a tradition that was broken during Donald Trump’s four years in the White House.
With this year’s release, the Bidens have released 24 years of tax returns, according to the White House.
‘Family, family, family’:Valerie Biden Owens defends her brother ‘Joey’ and his nephew Hunter
White House Wedding Bells:Joe and Jill Biden will host their granddaughter’s White House wedding, the first since 2008
Jill Biden:See photos of her life as first lady
Vice President Kamala Harris and Second Gentleman Doug Emhoff paid $523,371 in federal income taxes on an adjusted gross income of $1.66 million, their return shows. That’s an effective tax rate of 31.6%.
They also paid $120,517 in California income taxes, $2,044 in New York income taxes, and Emhoff paid $54,441 to the District of Columbia.
Harris, who has written two nonfiction books and a children’s book, reported earning more than $386,000 as a writer.
That’s more than the $215,548 she earned as vice president.
Emhoff, who receives no salary as a second gentleman, earned $164,740 from Georgetown University, where teaches at the law school.
Harris and Emhoff contributed $22,100 to charity.
They donated $5,000 each to Howard University and the University of Southern California, their respective alma mater.
His donations also included $2,500 to the DC Central Kitchen, which serves the poor and hungry.
Besides:The White House didn’t always celebrate Easter. How did the tradition start?
‘This is pretty serious’:Secret Service agents ‘compromised’ by imposters posing as federal agents, prosecutors say
Reference-www.usatoday.com