Question: I need help answering this question, please! Thanks 2. value: 2.22 points M10-4 Reporting Payroll Tax Liabilities [LO 10-2] Lightning Electronics is a midsize manufacturer
2. value: 2.22 points M10-4 Reporting Payroll Tax Liabilities [LO 10-2] Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees eamed wages totaling $70,000 but that employee income taxes totaling $11,000 and FICA taxes totaling $3,625 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Assume Lightning Electronics must also pay $450 of unemployment taxes for this pay period Prepare the jounal entry or entries 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.) View transaction list
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