Don't forget to factor in self-employment taxes
Last week at my other tax blog:
Buffett Rule push, Tax Day driving dangers and State taxes due, too

Buffett Rule wouldn't hit Obama, whose 2011 tax rate is lower than his secretary's

The president and vice president released their 2011 tax returns and yes, the Commander in Chief's 20.5 percent tax rate is lower than what his secretary pays.

But while he's in the same situation as the man for whom the Buffett Rule is named, it wouldn't affect Obama, at least not this year, because his income is under $1 million.

Obama 2011 tax return

Barack and Michelle Obama's income last year dropped substantially, from $1.7 million in 2010 to $789,674 in adjusted gross income for 2011.

Since itemized deductions are no longer phased out, they got the full value of the $278,498 from their Schedule A.

The First Couple's personal exemptions and those for their two daughters brought their taxable income to $496,376.

On that, the Obamas owed $143,603 in regular income tax plus alternative minimum tax (AMT) of $12,491. But there total tax bill was lessened a tad by a foreign tax credit of $5,841.

That brought their tax bill to $150,253 but then they then had to add $11,821 in self-employment tax for the president's book earnings.

When all the 40-plus forms were finished, the Obamas' tax bill was $162,074. They had $100,255 withheld and paid $86,344 in estimated taxes so they are getting a refund of $24,515.

But they won't be spending that refund. The Obamas instructed the IRS to apply it to their 2012 estimated taxes.

Vice President Joe Biden and his physician wife Jill reported adjusted gross income in 2011 of $379,035 and a tax bill of $86,892. That means their effective tax rate is almost 23 percent.

The Obama and Biden tax filings also included state tax returns.

What about Mitt? The man who will challenge Obama for the White House is still working on his taxes. Mitt Romney filed for an extension on Friday. He estimated that his 2011 tax liability will be $3.2 million.

While Romney's personal tax situation no doubt involves a lot of documents that are traditionally late arriving, such as K-1s, the political cynics will say that the soon to be official GOP presidential nominee just didn't want his 1040 going head to head with Obama's.

Of course, if Romney waits until October -- the extension gives him until Oct. 15 to get his tax paperwork done -- it will be a campaign home stretch issue.

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