If you have been injured due to someone else’s negligence and had to miss work as a result, you may be able to recover monetary compensation for your lost wages. Please continue reading as we explore what you should know about these matters and how our determined Harrison Personal Injury Attorneys can help you fight for the compensation you deserve and need to get your life back on track.
Can I Recover Compensation for Lost Wages in a Personal Injury Claim?
The financial strain caused by personal injury accidents can be substantial. If you have been injured due to someone else’s negligence, you may be entitled to receive monetary compensation for both economic and non-economic damages. Economic damages reflect tangible losses like medical expenses, lost wages, and property damage. Non-economic damages, however, reflect intangible losses that are difficult to quantify, such as pain and suffering, diminished quality of life, and PTSD.
How is Lost Income Calculated After an Accident?
Before you can seek lost wages in a personal injury claim, you will need to gather supporting documents that prove the severity of your medical condition and that it prevents you from working. You should obtain a doctor’s note or disability slip that outlines the amount of time you will need to take off from work to recover. You should also obtain a copy of your recent pay stubs to show your wages. Depending on your employment status, you may need to submit your most recent tax return or W-2.
The calculation of lost wages will depend on whether you receive an hourly wage or an annual salary. Quantifying the prospective earnings foregone during a definitive period of absence is relatively straightforward. If your hourly rate fluctuates, you will need to calculate your wages against the total hours worked to find your average hourly wage. From here, you will need to multiply your average hourly wage by the number of hours you missed as the direct result of your injury. For instance, if your hourly wage is $20, and you miss work for three days (8 hours per day), your total lost wages would be $480.
If you are a salaried employee, you will need to calculate your daily rate. This can be achieved by dividing your annual salary by the number of workdays in the year. Next, you will need to multiply your daily rate by the number of days you missed work due to the injury. For example, if you earn $40,000 a year and you miss 3 days of work, your total lost wages would be $461.54.
You should note that if there are any overtime payments you regularly make but missed, lost promotion opportunities, lost wage increase, lost sale commissions, or lost bonus payments, you might be eligible to recover these amounts. However, in most cases, you are only permitted to recover the net income.
If you have suffered a work injury in New York, please don’t hesitate to contact an experienced attorney from Hausman & Pendzick, who can help ensure the calculations for lost wages are accurate and you receive the compensation to which you are entitled. Connect with our firm today to learn how we can fight for you.