please explain in detail

2 Done Assume an employee of Rocco Rock Company earns $1200 of gross wages during the current pay period and is required to remit to the government $120 for income tax and $60 for FICA Consider the following two procedures for paying the employees cer Procedure With Mocke Sock Company pay they not wel of Rocco Ho Crays the players $1,000 and will recomand FC of $1,200 and the loyees posible for behalf of the play reitingas and FICAR Required: 1. Ignoring employer payroll taxes, under each procedure calculate (a) the total amount to be paid by the company and by the amount of cash the employee will have after satisfying all responsibilities to the government. Do your answers for procedures and differ for? For 2. Which approach does the government require? 3. Considering that employers are responsible for matching employees RICA contributions, which procedure will employers prefer? 4. Prepare the journal entries regured by the employer under procedure 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 unemploymentares Thes Complete this restion by enter your answers in the tabs below. ed Here lor player peyote unter each procedure (m) the total amount to be paid by the company and by the um employee willen all capon to the Douran for procedures and differ for Toby? Total Labor Com Anunt of Cash Procedure 2. 3. Considering that employers are responsible for matching employees HCA contributions, which procedure will employers preler? 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.) 12 points Complete this question by entering your answers in the tabs below. co Required 1 Required 2 Required Required PIE nec 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 to your answers for procedures 1 and 2 differ for (a)? For (b)? Total Labor Cost Amount of Cash Procedure 1 (Withholdings) Procedure 2 (No Withdings Do your answers for Procedures 1 and 2 difer Required 2 > Homework 10 Hels 2 Requirea 1. Ignoting 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 HCA contribution have not yet been pold (Oo not ignore employer payroll taxes, but assume no unemployment taves) 12 pom Pit Complete this question by entering your answers in the tabs below. interences Required Required 2 Required Red Which approach does the government require 2 ng 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 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) 12 points Complete this question by entering your answers in the tabs below. ferences Required Required 2 Required Considering that employers are responsible for matching employees' FICA contributions, which procedure will employers preler? Employers will pintor Journal entry worksheet 2