Internal Revenue Service 1040 Individual income tax forms for the 2014 tax year. (Daniel Acker/Bloomberg)

President Obama and first lady Michelle Obama reported a combined income of $477,383 on their federal tax returns in 2014, a slight drop from the previous year, the White House disclosed Friday.

The Obamas paid $93,362 in taxes --  a rate of 19.6 percent -- and donated $70,712 to charity. The largest gift was $22,012 to the Fisher House Foundation, which offers low-cost housing to military families during illness, disease or injury.

The first family had reported an income of about $481,000 in 2013. Obama collects a salary of $400,000. In previous years, the family had earned far more in revenue from the president's books, peaking in 2009 when the Obamas reported $5.5 million, which included book-sale profits and the $1.4 million that the president received on winning the Nobel Peace Prize.

Vice President Biden and his wife Jill reported a total income of $388,844 in 2014 and paid $90,506 -- an effective tax rate of 23.3 percent. They donated $7,380 to charity, the White House said.