Kenny Kramer expects to earn $80,000 in salary this year. He also expects to take $15,000 in personal deductions on his tax return. Kenny is single and has no dependents. What is Kenny's marginal, average, and effective tax rate?
a) Marginal tax rate: 22%, Average tax rate: 15.63%, Effective tax rate: 18.75%
b) Marginal tax rate: 25%, Average tax rate: 18.75%, Effective tax rate: 20.63%
c) Marginal tax rate: 22%, Average tax rate: 18.75%, Effective tax rate: 20.63%
d) Marginal tax rate: 25%, Average tax rate: 15.63%, Effective tax rate: 18.75%