A single self$-$employed taxpayerwants 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$.$ $$0$; SEP$-$IRAs cannot apply to self$-$employed individuals

b$.$ $$22,500$; The elective deferral maximum for TY$2023$

c$.$ $$66,000$; The SEP$-$IRA maximum for TY$2023$

d$.$ $$37,500$; Up to $25\%$ of net self$-$employment