Magnum Plus, Inc., is a manufacturer of hunting supplies. The following is a summary of the company's annual payroll-related costs: Wages and salaries expense (of which $2,200,000 was withheld from employees' pay and forwarded directly to tax authorities) $ 7,200,000 Payroll taxes 580,000 Workers' compensation premiums 250,000 Group health insurance premiums 725,000 Contributions to employees' pension plan 450,000