How Are Lost Wages Calculated After a California Car Accident?
Thousands of auto accidents occur annually in California, many of which result in injuries for those involved. Suffering an injury can create a resulting domino effect where missing work reduces your income, limiting your ability to pay bills, buy groceries, and afford transportation. Fortunately, accident victims may pursue compensation for lost wages if their accident resulted from someone else’s negligence. In order to include lost wages in a personal injury suit, lost wages must be calculated accurately.
If you don’t properly calculate your lost wages, you risk receiving less money than you and your family need to compensate for past and future income losses. Depending on your situation, calculating lost wages may be complex. To help you ensure the amount you are pursuing is accurate, you should consult with an experienced car accident attorney.
Plaintiffs Calculate Their Lost Wages After a Car Accident
As the plaintiff, you must present your claim, which includes deciding how much money you want to seek in damages to recover your losses. Knowing what you are entitled to might be challenging because not everyone is paid according to the same standards. You should have a copy of your most recent pay stubs or a check indicating your wages to assist in your calculation.
To add up your current lost wages, determine how much income you have already missed due to your car accident. Check your pay stubs to get an accurate picture of your earnings before the collision. Remember to account for any additional income you would have received, like prospective bonuses, sales commissions, or promotions.
Calculating Hourly Lost Wages
Calculating your missed wages may be easier if you are paid hourly. This may entail just adding the number of work hours you missed because of the accident, then multiplying the total by your hourly rate.
Calculating Lost Wages From an Annual Salary
The process of figuring out your lost wages is slightly different if you are a salaried worker. Divide your annual pay by the number of hours you work each week. Then, multiply that number by the number of hours you missed due to the accident.
Calculating Lost Wages When You Are Self-Employed
Sole proprietors, freelancers, and independent contractors are also eligible to recover work-related financial losses, but being self-employed may add another level of complexity. For instance, you might still need to provide proof of the revenue you missed while recovering from your injuries, like invoiced receivables or a 1099 form. With these added variables, determining how much you are owed will be much easier with the assistance of a car accident attorney.
Plaintiffs May Include Calculations for Future Lost Wages
You should also factor in your potential lost wages if the injuries you sustained are so severe they will keep you from working for an extended period into the future. Additionally, your future capacity to earn an income could be impacted by your injury. You are entitled to file a claim for any future lost wages, lost earning potential, and lost employment benefits.
Let a Trusted California Car Accident Lawyer Calculate Your Lost Wages
Due to the tremendous financial hardship that vehicle accident injuries may cause, accident victims frequently seek compensation through a car accident claim. The typical accident victim needs help understanding how to calculate lost wages accurately or what can be included in those calculations. Without an attorney’s help, calculating damages in a car accident claim in California can be challenging.
Consider relying on the extensive experience of a trusted car accident lawyer from Eric Ratinoff Law Corp. Attorney Eric J. Ratinoff has almost 30 years of trial experience. He provides excellent legal counsel and has successfully fought for car accident victims to receive maximum compensation. At our firm, we also connect our customers with the resources and care they need to recover. Call (916) 970-9100 to schedule a consultation with a California car accident lawyer, or complete our online contact form today.