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Explain the challenges and opportunities that arise for human resource management during downsizing.
Tax Liability
The total amount of tax that individuals or businesses are legally obligated to pay to a taxing authority.
Qualifying Child
A dependent child who meets specific IRS criteria concerning relationship, age, residency, support, and joint tax filing status, for tax benefits.
Taxpayer's Spouse
The legally married partner of an individual considered for tax filing and benefit eligibility purposes.
Married Filing Jointly
A tax filing status for married couples that allows them to file one tax return jointly, often resulting in lower taxes than filing separately.
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