ANNUAL BONUS CALCULATION (INCENTIVES) ABC Financial Inc.'s fiscal year end is September 30m and bonuses are awarded annually in November. The bonus awards are based 25% on corporate performance and 75% on individual performance. The evaluation of corporate performance is based on achievement of net income for a given year compared to budgeted net income for the same year. No corporate performance is paid below 80% of target budget . Corporate performance is also capped at 150% of target budget The evaluation of individual performance is linked to bonus awards as follows: IAF841 - Assignment 1 Page 1 of 3 TARGET BONUS EARNED 130% EVALUATION Exceeded Objectives Met Objectives Missed Objectives 100% 0% For 2013, Company's net margin is $160 Million compared to budgeted net margin of $100 Million. 2013 Individual performance evaluations for three managers at Tech Inc. are listed below: EMPLOYEE BASE SALARY TARGET BONUS EVALUATION Anne Teak $70,000 $15,000 Met Objectives Bill Board $120,000 $35,000 Missed Objectives Brock Lee $140,000 $62,000 Exceeded Objectives Q4. Calculate bonuses for all three managers for 2013. (10 Marks)