M$10-4($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 $1-14$ pay period

show that employees earned wages totaling $$57,000$ but that employee income taxes totaling $$8,400$ and FICA taxes totaling $$2,975$

were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Assume Lightning Electronics

also must pay $$320$ of unemployment taxes for this pay period.

Prepare the journal 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.$)$

A Record the wages expense for November $1-14$ time

period, including payroll deductions.

B Record the payroll tax expense.