In this work, we investigate the capability of known quantum computing algorithms for fault-tolerant quantum computing to simulate the laser-driven electron dynamics of excitation and ionization processes in small molecules such as lithium hydride, which can be benchmarked against the most accurate time-dependent full configuration interaction (TD-FCI) calculations. The conventional TD-FCI wave packet propagation is reproduced using the Jordan-Wigner transformation for wave function and operators and the Trotter product formula for expressing the propagator. In addition, the time-dependent dipole moment, as an example of a time-dependent expectation value, is calculated using the Hadamard test. To include non-Hermitian operators in the ionization dynamics, a similar approach to the quantum imaginary time evolution (QITE) algorithm is employed to translate the propagator, including a complex absorption potential, into quantum gates. The computations are executed on a quantum computer simulator. By construction, all quantum computer algorithms, except for the QITE algorithm used only for ionization but not for excitation dynamics, would scale polynomially on a quantum computer with fully entangled qubits. In contrast, TD-FCI scales exponentially. Hence, quantum computation holds promises for substantial progress in the understanding of electron dynamics of excitation processes in increasingly large molecular systems, as has already been witnessed in electronic structure theory.