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Injured and Unable to Work? You May Be Entitled to Compensation for Your Lost Income
Ragain & Clark November 30, 2021
Being injured in an accident can have a profound impact on your life. In addition to your injuries, you may find yourself unable to work, leading to a potential financial crisis. If you have been injured in an accident and are unable to work, you may be entitled to compensation for your lost income. Unfortunately, calculating these losses can be more complicated than people realize. An experienced Billings personal injury attorney can help you get compensation for your lost income so that you can continue to take care of your family and pay your bills.
Documenting Your Claim
The first thing you need to do is document your claim for your lost wages. To the extent possible, you should try to gather the following documents in order to calculate your lost wages:
- Recent pay stubs
- W-2 or other tax documents
- Your tax returns
A letter from your employer confirming your employment status and the hours you have missed due to your injury can also help. For those who are self-employed, documenting your lost wages can understandably be more difficult. A Billings personal injury attorney can help you gather the documentation you need, whether you are self-employed or simply overwhelmed.
Calculating Your Hourly Wages
If you are paid on an hourly basis, calculating your lost wages is fairly straightforward. You simply need to multiply your hourly wage by the number of hours you missed. You want to be sure to include all hours you missed, even if it was only a few hours here and there to go to doctors’ appointments or physical therapy.
Salaried Employees
Calculating your lost wages is slightly more complicated if you are paid a salary. You will need to start by dividing your annual salary by 2048 (the number of work hours in a year). Then multiply that number by the number of days that you missed, assuming that you would work 8 hours per day. Unfortunately, you are limited to 2,048 hours per year and 8 hours per day even if you work more than that. Ultimately, the goal is to make you whole – your claim for lost income should not result in a windfall. If you have questions, an experienced Billings personal injury attorney can provide you with the guidance you need.
Future Lost Wages and Lost Earning Capacity
If you will be unable to work for an extended period of time or your injury has resulted in a permanent disability, you can also seek compensation for your lost future wages or lost earning capacity. This is a much more challenging calculation than the lost income you have already experienced. If you are worried about your ability to work in the future, a Billings personal injury attorney can help you secure your future by getting you the compensation you deserve.
Contact a Billings Personal Injury Attorney Today if Your Accident Has Left You Unable to Work
Your accident shouldn’t jeopardize your financial future. Billings personal injury attorney Jim Ragain can help you get the compensation you need to put your accident behind you. To schedule a free consultation to discuss your case, contact us today at 406-651-8888. We have office locations in Montana and Wyoming.
