WASHINGTON — President Obama earned $608,611 in income last year and paid $112,214 in total taxes — for a federal tax rate of 18.4 percent, according to a release of his returns.

Obama’s income dropped 30 percent from what he and First Lady Michelle made in 2011, largely from declining sales from the president’s books — “Dreams From My Father” and “The Audacity of Hope.”

In 2012, the couple had business income of $258,772, down from $441,369 in 2011.

As president, Obama gets a $400,000 annual salary.

The Obamas also reported donating $150,034 — or about one quarter of their adjusted gross income — to 33 charities.