Assume an employee of Rocco Rock Company earns $1,700 of gross wages during the current pay period and is required to remit to the government $170 for income tax and $85 for FICA. Consider the following two procedures for paying the employee: Procedure 1 (Withholdings) Rocco Rock Company pays the employee net wages of $1,445 and will remit income taxes and FICA on behalf of the employee.. Required: Procedure 2 (No Withholdings). Rocco Rock Company pays the employee gross wages of $1,700 and the employee is responsible for remitting income taxes and FICA himself. 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 paid. (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 (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)? Procedure 1 (Withholdings) Procedure 2 (No Withholdings) Do your answers for Procedures 1 and 2 differ? Total Labor Cost Amount of Cash Required 1 Required 2 >