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October 21, 2021

Calculating Lost Income After an Accident

Compensatory damages make up the lions’ share of the compensation you can recover in a personal injury action. These damages are made up of both economic and non-economic damages

Although other types of damages, such as punitive damages, can be assessed in certain circumstances, adding up the total of your compensatory damages is the surest way to get a sense of the amount of compensation you could recover. Lost income is an important part of that calculation. 

See below to learn about some considerations for calculating lost income after an accident and how a Charlotte personal injury lawyer can help you make a full financial recovery. 

How to Calculate Your Lost Income 

Wage loss is one of the most vital portions of any personal injury compensation. The best way to calculate the amount of compensation you could receive for lost income depends on the nature of your employment. 

Hourly Workers

Calculating lost income is perhaps easiest for hourly workers. The best way to do this is by multiplying your hourly wage by the number of hours in total you missed from work due to your injuries. 

For example, let’s say a restaurant employee making $15 an hour missing 14 days worth of work. Assuming they work eight hours a day, that would be 80 hours of work X $15 per hour, for a grand total of $1,200. 

If you work an hourly job with a less fixed schedule, that doesn’t mean you wouldn’t qualify for compensation. Instead, you can provide documentation from the past couple of months to generate an hourly number of hours worked per week. Your lost income compensation could be generated based on this average.

Salaried Employees

Salaried employees usually look at their compensation on a yearly basis rather than hour-to-hour—although dividing your total salary for the year by the number of work hours in a year is a handy way to get an hourly wage. 

For example, a professional earning $60,000 a year could divide that figure by 2,080 to get an hourly wage. Finally, that figure would be multiplied by the number of total hours missed to get an estimate. 

Although these are just ballpark figures, they can help you know what to look for when negotiating for lost income. For all the rest, including future wage loss due to permanent disability, consulting an attorney can help you maximize your possible compensation

Contact a Personal Injury Lawyer

Have your injuries cost you? Let a personal injury lawyer with The Nye Law Firm go to bat for you. 

Call us at 912-200-5230 or fill out the form to your right for more information and to request a free consultation. 

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402 West Trade Street,
Suite 112
Charlotte, NC

704-862-4177 get directions

2008 Whitaker Street
Savannah, GA 31401

912-732-0249 get directions
View all locations
CONTACT US

NO PRESSURE. SPEAK TO AN ATTORNEY. NO HIDDEN FEES.

* All Fields Required

Or Call 855-856-4212