If you have been injured and missed work as the result of a car, truck, motorcycle, or any other accident, the good news is that you might be able to recoup your lost wages. In an accident claim, recovering lost wages reimburses you for the money you would have been able to earn if you had not been injured in the accident. Read on the learn how to get an estimation of your lost wages by using our guide.
Before Calculating Lost Wages
Before you can begin to calculate your damages from lost wages, you will need to collect supporting documentation that proves your injury prevents you from working. You should receive a disability slip or a doctor’s note or telling you how much time off from work you will need to recover from your injuries. Next, you should make copies of current pay stubs or checks that show your wages. Depending on your employment status, you may have to submit your most recent tax return or W-2(s). Lastly, get a letter from your current employer verifying your employment status.
Calculating the Amount of Lost Wages
Your calculations for lost wages will be different depending if you are paid an hourly wage or have an annual salary.
If you are paid by hourly wage:
Take the amount of your hourly wage and multiply it by the number of hours you missed due to the accident. For example, if your hourly wage is $20, and you missed work for three days (8 hours per day), your calculation would be: $20 x (8 hrs x 3 days) = $480 (your total lost wages).
If you are paid by annual salary:
Take your yearly salary and divide it by 2080 (number of weekday work hours in a year), then multiply by the number of hours you missed due to your injuries. For example, if your yearly salary is $40,000, and you missed 3 days of work, your calculation would be: ($40,000 / 2080) x (8 hrs x 3 days) = $461.54 (your total lost wages).
Additionally, if there are any overtime payments you regularly make but missed,lost sales commissions, lost wage increases, lost bonus payments, or lost promotion opportunities, you might also be able to recover them.
Lost Income for Self-Employed
If you’re a sole proprietor, freelancer, or an independent contractor a you are considered to be “self-employed.” In this case, you may claim lost “income”,as opposed to lost “wages,” which correlates to the amount of profits and earnings you would have made if you were not injured in the accident. You will still need to submit documents to verify the specific amount of income you would have received from the time of the incident to the date of judgement or settlement. You may submit an invoice, 1099 form, receipts, or correspondence to prove lost income, if available.
Considering Other Losses of Income
You can also claim future lost earning capacity, income losses, and lost compensation. Frequently, a personal injury firm will hire a forensic economist to establish a solid foundation for your future income loss claim. Factors like your employment history, age, skills, physical disability, and education are all considered in evaluating the amount of your future losses.
Get a Claim Evaluation of Your Legal Damages
Determining damages for lost wages may seem simple at first, but, it is typically more involved that tallying up sums. It is remarkably easy to overlook other factors that can increase your lost wages claim. Contact the experienced attorneys at the Law Offices of Zappettini and Bradley for a claim evaluation and get a better understanding of your potential damages.