Determining Lost Wages in a Truck Crash Claim

If you’ve been involved in a truck crash or truck accident, you may be facing both physical injuries and also financial difficulties due to lost wages. When you’re already stressed over impending medical bills, losing your income can be too much to bear.

When we help accident victims pursue compensation, we fight for compensation for their lost income as well. Call Bailey Javins & Carter at 800-497-0234 to set up a time to meet with our team now.

Lost Wages After a Truck Accident

Experiencing a truck accident can leave you with more than just physical injuries—it can also mean missing out on your paycheck while you recover. Lost wages are the earnings you’re missing out on because your injuries prevent you from doing your job. This financial hit can make it tough to manage your everyday expenses and add to the stress of healing. Whether you punch a time clock, work on a salary, or work in the gig economy, every day away from work is money that doesn’t make it into your bank account.

The First Steps to Calculating Lost Wages

Starting the process of figuring out your lost wages after a Charleston truck crash begins with some detective work on your part. You’ll need to dive into your financial records. This means gathering any and all documents that paint a picture of how much money you were making before the accident. Look for your most recent pay stubs, which show your income level, and your tax returns, which provide a yearly earnings overview. If you’re someone who gets bonuses or commissions, make sure those are accounted for too. 

The way you calculate your lost wages will depend on whether you earn an annual salary or an hourly wage. In the case of an annual salary, you get paid the same amount every week, two weeks, or month. If you miss entire paychecks due to your injuries, it’s easy to account for those losses. If you’re docked pay for days missed, you can divide your wage by how many days you generally work in each pay period to figure out how much you lose each day away from work.

Factors That Influence Your Claim

Determining the amount you can claim for lost wages after a truck accident isn’t a one-size-fits-all situation. Several key elements come into play that could affect how much you’re entitled to.

First, you have to go above and beyond just your hourly wage or salary. You also receive benefits as part of your employment package, and you are likely not receiving those as long as you aren’t earning money. In fact, your company may even be asking you to pay out-of-pocket for insurance and other costs that are generally deducted from your paycheck. Don’t forget those expenses.

You also have to consider irregular income, such as overtime, holiday pay, and seasonal pay. For example, if you work in a job with a busy time of year and your accident takes you out of the equation for most of that time, you could lose a significant chunk of your annual income.

How to Calculate Lost Wages If You’re Employed or Self-Employed

Calculating your lost wages can vary depending on whether you work for an employer or run your own business. For those who are employed, the process is fairly straightforward. ake your hourly pay and multiply it by the hours of work you missed because of the accident. 

But if you are self-employed, you have to look at how you bill your time, what happens to projects you are unable to complete, and any extra costs you incur due to your injury. For example, if you are a contractor and you are under contract for a job, you could face heavy fees if you have to back out due to injury. You may even have to pay a freelancer to step in for you, and those costs must be accounted for.

Explore Your Legal Options with Bailey Javins & Carter

With Bailey Javins & Carter, you can hold the negligent party accountable after your truck accident. Contact our experienced attorneys online or call us at 800-497-0234 to set up a time to talk.