One of the worst things that can happen to you after an accident is losing your job. Calculating lost wages is a very important part of your injury claim, whether you can’t work for a few days or are temporarily or permanently disabled. Knowing how to figure out how much money you’ve lost can help you get the full amount of money you’re owed. This is a simple guide on how to figure out how much money you lost because of an injury.
Find out how much you make each day
The first step in figuring out how much money you lost is to figure out how much you usually make. This includes your normal pay rate as well as any overtime or bonuses you would normally get. To figure out how much you make each day, divide your annual salary by the number of workdays in a year. If you work by the hour, multiply your hourly wage by the number of hours you work each day.
Find out how many days you missed in total
Next, figure out how many days you missed work because of your injury. This includes days when you couldn’t work because you were in the hospital, needed to rest, or were told to by your doctor. If you couldn’t work your normal hours, you should include both full and partial days.
Take the number of lost days and multiply it by your daily wage
To find out how much money you lost in wages, multiply your daily wage by the number of days you missed work. This is the amount you will ask for as part of your claim for lost wages.
Think about the money you’ll lose in the future
You might also need to figure out how much money you will lose in the future if your injury will have long-term effects. For instance, if your injury makes it impossible for you to go back to your old job or limits how much money you can make, this should be taken into account when figuring out your settlement.
Benefits for replacing lost wages
Your employer’s workers’ compensation insurance or your own disability insurance may cover wage replacement benefits in many cases. These benefits can help you get less money in your injury settlement for lost wages.
Questions that people often ask (FAQs)
What do you think about when you find out how much money you lost from a claim for an injury?
When figuring out how much money you lost, things like your hourly rate, salary, number of days you missed work, and the possibility of losing money in the future are all taken into account.
Can I get back pay for people who work for themselves or only part-time?
Yes, people who work for themselves or part-time can also find out how much money they lost by looking at their average income. Tax returns or other financial records can help you back up your claim.
How do you find out how much money you’ll lose in the future?
How long you think your injury will last, how much money you could make, and how bad your disability is will all affect how much money you will lose in the future. Job evaluations and medical opinions can help you figure out what the long-term effects will be.
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