President Barack Obama and first lady Michelle Obama paid $112,214 in federal income taxes for 2012 on adjusted gross income of $608,611, an effective rate of 18.4%, the White House said.

The first family's adjusted gross income—the amount after certain deductions and exemptions—was down from $789,674 the Obamas reported in 2011, when they paid total federal taxes of $162,074, an effective rate of 20.5%.

The...