There is never a good time to be part of a car accident, as this can lead to many changes in your day-to-day life. For example, you may soon realize that you are unable to work for the meantime, which results in lost wages.
When it comes to calculating lost wages, there is no exact science for doing so. This depends on many factors, such as if you have an annual salary or receive an hourly wage.
Let’s examine a basic calculation for an injured party who is paid by hourly wage. In the most basic form, you should multiply the number of hours you missed, as a result of the accident, by your hourly wage. So, if you earn $30 per hour and missed 50 hours of work, your final calculation is $1,500.
In addition to lost wages, you may also have to consider other losses of income. For example, depending on the extent of your injuries, future income losses could come into play. This is often the case if your injuries will stop you from doing your job in the future
Although there are some basic calculations for lost wages from a car accident, you don’t want to assume that you know everything. If you do, you could end up missing out on money that is owed to you.
After a car accident in which you’ve suffered an injury, the best thing you can do is learn more about your legal rights. This will point you in the right direction in regards to calculating and receiving lost wages.
Source: FindLaw, “How to Calculate Lost Wages in a Car Accident Claim,” accessed Dec. 28, 2017