Take the amount of your hourly wage and multiply it by the number of hours you missed due to the accident. For example, if your hourly wage is $20, and you missed work for three days (8 hours per day), your calculation would be: $20 x (8 hours x 3 days) = $480 (your total lost wages).
How Are Lost Future Earnings Calculated?The future income the victim would have earned if the injury/accident had never happened; minus.The future income the victim reasonably expects to earn while being hampered, limited or otherwise affected by the injury.
What is Loss of Income? A loss of income claim can be pursued when an injury has forced a victim to take time off, either temporarily or permanently. The amount can be calculated using the victim's hourly wages or salary and multiplying it by the number of days or years they will be unable to work.
Simply take the hourly wage that you are paid and multiply it by the hours of work you have missed.
How to Calculate Future Lost EarningsProject the expected annual earning capacity until retirement. Use the person's current salary. ... Get the benefit costs. ... Estimate the annual value of household services that can no longer be performed. ... Calculate the present value of the future lost earnings.
To calculate these damages, a person simply multiplies his daily wage by the number of days that he missed. If the person works a variable number of hours each week, the court may use an average number of hours multiplied by the number of days and the hourly rate.
Claiming Compensation For Future Loss Of Earnings If you were able to go back to work after a period of recuperation but your injuries deteriorated after returning to work and you had to give up your job or take on a position at a lower pay, you may still be able to claim for future loss of earnings.
Lost Wages and Income Tax Explained In 99.9% of cases that involve lost wages, that compensation recovery for the lost wages is subject to going through income tax. The rationalization for this is that your income, if you had earned it and been paid through your employer, would have been taxed.
We are often asked by those looking to claim compensation for personal injury whether they can claim for loss of earnings where they were self employed at the time of their accident. The simple answer is yes – but it's not always easy!