Assume an employee of Rocco Rock Company eams $2.000 of gross wages during the current pay period and is required to remit to the government $200 for income tax and $100 for FICA Consider the following two procedures for paying the employee: Procedure 1 (Withholdings) Procedure 2 (No Withholdings) Rocco Rock Company pays the employee net wages of Rocco Rock Company pays the employee gross wages $1,700 and will remit income taxes and FICA on of $2,88e and the enployee is responsible for behalt of the employee. renitting income taxes and FICA himself. Required: 1. Ignoring employer payroll taxes, under each procedure calculate (a) the total amount to be paid by the company and (b) the amount of cash the employee will have after satisfying all responsibilities to the government. Do your answers for procedures 1 and 2 differ for (a)? For (b)? 2 which approach does the government require? 3. Considering that employers are responsible for matching employees' FICA contributions, which procedure will employers prefer? 4. Prepare the journal entries required by the employer under procedure 1, assuming the employee is paid in cash, but the withholdings and matching employer FICA contribution have not yet been pald. Do not ignore employer payroll taxes, but assume no unemployment taxes.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Ignoring employer payroll taxes, under each procedure calculate () the total amount to be paid by the company and (b) the amount of cash the employee will have after satisfying all responsibilities to the government. Do your answers for procedures 1 and 2 differ for (a)? For (b)? Total Labor Cost Amount of Cash Procedure 1 (Withholdings) Procedure 2 (No Withholdings) Do your answers for Procedures 1 and 2 differ? Required 1 Required 2 >