First Couple Report Income of $771,940

WASHINGTON — President Bush and First Lady Laura Bush reported a net taxable income of $771,940 for 2002 and paid $268,719 in federal income taxes, the White House announced Friday.

Both figures were roughly the same as the last two years. The sources of the couple’s income were Bush’s $400,000 annual salary as president and investments from the trusts in which their assets are held.

They earned $23,947 in dividend income. In his tax cut proposal before Congress, Bush is seeking to eliminate the taxation of such income.

Vice President Dick Cheney and his wife, Lynne, reported a taxable income of $945,051 and owe $341,114 in federal taxes, the White House said. Their earnings included $490,999 in dividends.

The outlook for abolishing the tax on dividends is uncertain. Many lawmakers -- including some key Republicans -- have expressed qualms about the proposal.

The Bushes contributed $69,925 to churches and charitable organizations, including Southern Methodist University, Laura Bush’s alma mater; and Evergreen Chapel at Camp David, the presidential retreat in Maryland.

Once again, the Bushes declined to designate $3 each of their tax money to help finance presidential elections.

A year ago, the couple reported a net taxable income of $711,453 for 2001 and paid $250,221 in federal income taxes. Two years ago, they reported a net taxable income of $744,682 for 2000 and paid $240,342 in federal income taxes.

The tax return for the Cheneys was more complicated because of a series of deferred compensation payments from Halliburton Co., the oil-field services firm he headed until resigning in 2000 to become Bush’s running mate.

According to Cheney’s office, the vice president and his wife during 2002 paid $436,972 in taxes through withholding and estimated tax payments. They elected to apply $20,000 of the resulting $95,858 tax overpayment to their 2003 estimated tax payments.

The Cheneys donated $121,983 to charity.