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Bart Is Contemplating Starting His Own Business

question 72

Essay

Bart is contemplating starting his own business. His new business would operate as a sole proprietorship and would require hiring several employees. Describe the employment-related taxes that Bart should be aware of as he starts his new business as a self-employed business owner.


Definitions:

Sample Proportion

The ratio of members in a sample that have a particular attribute to the total number of members in that sample.

Sample Size

The number of observations or datapoints collected in a sample, critical in determining the precision of estimates and power of statistical tests.

Type II Error

The statistical mistake of failing to reject a null hypothesis when it is actually false.

Null Hypothesis

A statistical hypothesis that proposes there is no significant difference or effect within the specified population.

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