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plz help asap M10-4 (Algo) Reporting Payroll Tax Liabilities [LO 10-2] Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for
plz help asap
M10-4 (Algo) Reporting Payroll Tax Liabilities [LO 10-2] Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 114 pay period show that employees earned wages totaling $66,000 but that employee income taxes totaling $10,200 and FiCA taxes totaling $3,425 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Assume Lightning Electronics also must pay $410 of unemployment taxes for this pay period. Prepare the journal entry or entriess that Lightning would use to record the payroll. Include both employee and employer taxes. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the wages expense for November 1-14 time period, including payroll deductions. Note: Enter debits before credits. Journal entry worksheet Record the payroll tax expense. Note: Enter debits before credits Step by Step Solution
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