![]() ![]() Contrarily, you will need other means of proving lost wages, such as appointments, orders, or contracts, that demonstrate potential payments you would have earned had you been able to work. But that only works if you have been self-employed long enough to report your yearly income. Once you calculate an hourly pay rate, be sure to multiply it by the hours missed to determine lost wages.Ī self-employed income is more challenging to calculate, but you can use your previous tax records to help. Salaried EmployeeĪs a salaried employee, you need to divide your annual salary by the number of hours you work in a year (40 hours/week equals 2,080 hours/year). Repeat this process for overtime hours but by multiplying missed hours by 1.5 times your hourly rate. Then, multiply the number of missed hours by your hourly rate. If your weekly hours vary, check the previous month to determine an average. If you are an hourly employee, you must determine the number of regular hours you missed from work. You should start by getting a letter from your employer stating your hourly rate of pay or annual salary, overtime earnings, typical hours worked per week, and time is taken off due to your injury. Moreover, proving lost wages also requires additional information. If your healthcare provider advises you to take time off work to recover, you should document this by having them write you a note stating their opinion. Medical treatment and documentation is the most effective way to substantiate your personal injury claim. Calculating Lost Wagesīefore determining the value of your lost wages, seeking medical attention for your injuries is essential. The wages include overtime pay, the value of vacation or sick leave days, bonuses, tips, and company perks. They can be recovered by part-time and full-time employees and individuals who make hourly, weekly, or monthly salaries. Lost wages refer to the money you would have earned if you had not missed work. However, multiple factors must be considered when calculating lost wages. According to a PI attorney, lost wages are vital in determining the value of any compensation claim. Economic damages refer to specific expenses and losses that can be calculated, including medical expenses and lost wages. In that case, you may be eligible for economic and non-economic damages. ![]()
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