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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.
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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