Marking a journal paper as “Minor revisions needed” for minor typos? I’m doing my first review of a journal paper.

The paper looks good other than a few spelling/grammar typos and one formatting issue where a line has a single letter extend into the center margin between the two columns. These issues are not ones that confuse the content of the work in anyway.

My decision options include accept, minor revisions needed, major revisions needed, and reject. Should I be choosing accept or minor revisions needed? Do these small types warrant a revision for journal papers? Or is it ok to accept these issues?
Unless you are reviewing for a truly lazy editor, it shouldn't matter.  No matter which selection you make, the editor will see from your report that you are asking for extremely minor revisions and act accordingly.

Generally, I recommend minor revisions in such a case, because authors might not be given the chance to correct typos in a straight acceptance, and they might appreciate a second chance to do what they should have before submitting (but almost no one does), which is to find more typos and correct them.  For every one that you found, they will probably find another one.