A single self-employed taxpayer wants to set up a SEP plan and to maximize the amount of their contributions for the year. They made $150,000 in net self-employment. What is the maximum deduction that they could receive for contributions they make into the plan? Select one: a. $37,500; Up to 25% of net self-employment b. $22,500; The elective deferral maximum for TY2023 c. $0; SEP-IRAs cannot apply to self-employed individuals d. $66,000; The SEP-IRA maximum for TY2023