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PtSurMr asks:

Thus a self-employed person will be eligible to contribute the year 2000 max of $25,500 to a SEP-IRA if and only if they have net profits (excluding self employment taxes) of at least $195,477.19. Is this correct?

Almost. Excluding the self-employment tax deduction of $6,733, the person must have a net self-employed income of not quite $195,500. That would then produce an allowable contribution of $25,500 assuming the plan contribution rate was 15%. See the worksheet on page 52 of IRS Publication 590 for details.

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