Bush paid $221,635 in 2007 federal tax: White House

CRAWFORD, Texas (Reuters) - President George W. Bush and first lady Laura Bush reported taxable income of $719,274 for 2007 and paid $221,635 in federal income tax, the White House said on Friday.

Vice President Dick Cheney and his wife, Lynne, earned more than three times as much, reporting taxable income of $2,528,066 while paying $602,651 in federal income taxes, forms released by the White House showed.

The president's income included his salary as president, listed as $397,839, and income from trusts in which his assets are held. The first lady received a $150,000 advance for a children's book she co-authored with daughter Jenna, the White House said.

Mrs. Bush donated her net proceeds from the advance to Teach for America and the New Teacher's Project. President and Mrs. Bush contributed $165,660 to churches and charitable organizations, including the Volunteer Fire Department in Crawford, Texas.

The Cheneys income included $292,208 in salary, $75,420 in taxable interest, $654,730 in ordinary dividends, business income of $180,976, $1,418,428 in capital gains and $430,276 in other income.

Both the Bushes and the Cheneys had a big tax bill at the end of the year. The Bushes had to pay $17,741, while the Cheneys had to send in a check for $136,486.

The release of the president's and vice president's tax forms came as Bush spent the weekend at his Crawford ranch with his parents, brother Jeb and other family members.

(Reporting by David Alexander; Editing by Lori Santos and Eric Beech)