Assume an employee of Rocco Rock Company earns $2,800 of gross wages during the current pay period and is required to remit to the government $280 for income tax and $140 for FICA. Consider the following two procedures for paying the employee: Procedure 1 (Withholdings) Procedure 2 (No Withholdings) Rocco Rock Company pays the Rocco Rock Company pays the employee employee net wages of $2,380 and will gross wages of $2,800 and the remit income taxes and FICA on behalf employee is responsible for remitting of the employee. income taxes and FICA himself. Required: 1-a. Ignoring employer payroll taxes, under each procedure calculate (a) the total labor cost for the company and (b) the amount of cash the employee will have after satisfying all responsibilities to the government. Total Labor Cost Amount of Cash Procedure 1 (Withholdings) Procedure 2 (No withholdings) 1-b. Do your answers for procedures 1 and 2 differ for (a)? for (b)? Yes O No 2. Which approach does the government require? O Procedure 1 (Withholdings) O Procedure 2 (No withholdings) 3. Considering that employers are responsible for matching employees' FICA contributions, which procedure will employers prefer