Calculating lost wages after a car accident

The losses suffered in the aftermath of a car accident can be extensive. For many victims, their physical well-being is seriously endangered both in the short and long-term, and their pain may be overwhelming for days, weeks, months or even years to come. Additionally, the emotional toll can be extensive. Yet, these damages are not the full extent of harm caused to accident victims, as they usually also suffer financial losses as well.

While medical expenses can make up a significant portion of these financial damages, lost wages can also be devastating for Arizona residents and their family. Although lost wages are recoverable in a personal injury lawsuit, it requires putting forth evidence of not only liability, but also of how one’s lost wages are calculated.

The first step is to obtain documentation. A note from a medical professional can help set the stage for how long a victim will be out of work. In conjunction with that, a person’s most recent pay stubs and tax returns can help paint an accurate picture of the person’s earning capacity at the time of the accident. The calculation of lost wages can be made pretty easily when a person works a job that pays an hourly wage or a salary, but it may be more challenging when the person is self-employed. There is also some room for argument when a victim’s injuries may have reduced a person’s future earning capacity.

Lost wages can quickly accumulate, which means that accident victims need to make sure that they are fighting for what has been unfairly taken from them. Calculating lost wages, as well as other damages, is critical before entering into settlement negotiations or litigation. Only then will a person know what to ask for, what to seek, and when it might be wise to settle the matter.