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Federal income tax rates decrease once you make more than $\(137,700\)!1 Payroll taxes are a fact of life, but one of those taxes often gets less attention than the rest: FICA.

Introduction In the last lecture, we discussed the intuition for how to identify preference parameters of a utility function. We briefly touched on the importance of stepping back from your identified model to see if the model actually makes sense or if there is something important that is missing.

Introduction Identification is the most fundamental aspect of empirical research. However, the intuition is not simple to develop and requires a careful thought process and approach. The most valuable tool to have is the patience to work through simple examples and then carefully think of how to apply the strategy to your specific example.