Bert Johnson, a sole proprietor with no employees, has a Keogh profit sharing plan to which he may contribute 25% of his annual earned income. For this purpose, earned income is defined as net self-employment earnings reduced by the:

deductible Keogh contribution.

self-employment tax.

self-employment tax and one-half of the deductible Keogh contribution.

deductible Keogh contribution and one-half of the self-employment tax.