How To Calculate Lost Wages After A Car Accident

Every day, accidents occur. Roads are busy or can be congested when an accident occurs. Whether you are in a small area or a large area, accidents are going to happen. When an accident happens and a loved one is involved, it can make the accident even more intense. You can’t think rationally or know what to do next even if you tried. You are more concerned about your loved one than getting a grip on what happened and how to get through it.

Damages Include Lost Wages

When an accident occurs, you know that there is going to be some days off from work due to injuries or because you don’t have transportation. You didn’t expect these losses and you shouldn’t have to pay for them either. When determining your claim, you should consider the lost wages you are enduring as well. Without your pay, the bills don’t get paid and you could end up hurting more financially than you realized. When you file a claim, consider the wages you already lost and predict how much you are going to lose moving forward, depending on what your injuries are and how severe they are.

In order to get compensated for lost wages, you will need to provide documentation or proof that your injuries you are suffering from did happen due to the automobile accident, which ultimately makes it impossible for you to work. You will also need to show that you would still be making that money if you weren’t off of work due to your injuries.

What proof do you need to show? You need to show any medical documentation you may have or requested from your doctor regarding you being unable to perform your job due to your injuries. You will also need to submit a few of your recent paystubs, a w-2, or tax returns.

Calculating Lost Wages

Injury Lawyer in Waterloo know that automobile accidents are very expensive. If you didn’t suffer an injury, you still have the loss of a vehicle. You don’t want to worry about your finances on top of everything else.

If your accident was not very severe, you may be able to get back to work and back to your everyday life sooner rather than later. However, if you find yourself out of work for a long time, how do you calculate the amount you are going without? Here are a few factors to consider:

#1: Your Hourly Wage – The amount you made each hour at work is going to be lost for every day that you cannot go to your job and work your time. This hourly wage is considered when you are trying to determine how much you need to ask for in your claim.

#2: Your Annual Salary – When you are thinking about your amount, its important to consider all the days you work over and all the staff meetings and mandatory training that goes into your position. An annual salary may be more sufficient when determining the amount, you should ask for in your claim.

#3: Are you Self Employed? There are times when you are able to work for yourself or by yourself as a contractor or freelancer and still work at a company other than your own. When you work under these terms, normally the company doesn’t have to pay workers comp for you, doesn’t have to supply you an office, and doesn’t have to supply you with a vehicle to get to and from work as needed. If you are self-employed, you need to have a 1099 form, keep track of invoices you have submitted in the past for compensation, and keep track of receipts.