If you’ve been severely injured and cannot work, you may be entitled to compensation for your lost wages. But how do you calculate those wages? Calculating lost wages can be tricky, but it’s essential to get it right. Here, we’ll look at what lost wages are and how you can calculate them.
What Are “Lost Wages”?
Lost wages refer to the money you should have earned if you didn’t get injured. For instance, if you missed one month of work due to injuries, you can file for lost wages. To recover lost wages, you will need to provide documents like paying stubs or taxing returns. A lawyer can help you put together evidence to support your claim.
How To Calculate Lost Wages For The Employed
If you’re employed and suffer an injury, you can recover lost wages as part of your personal injury claim. There are different ways to calculate lost wages, depending on your case. For example, if you’re unable to work due to your injuries, lost wages can be based on your regular pay rate. If you can still go to work but earn less money because of your injuries, lost wages can be calculated by comparing your pre-injury earnings to their post-injury earnings. In some cases, you will need an expert witness to testify about the value of lost wages.
How To Calculate Lost Wages For The Self-Employed
When you are self-employed and suffer an injury, you may be able to recover lost wages in a personal injury claim. However, determining the amount of the lost wages can be tricky. The first step is to calculate your average monthly income. Once you have your average monthly income, you need to multiply it by the number of months you could not work because of your injuries.
Understanding these concepts will ensure that you get the compensation you deserve for your injury.