The Types of Compensation Included | What about Self-Employed People or Business Owners?
When you have suffered losses because of the carelessness or negligence of another person, you want to know exactly how lost wages are calculated in a personal injury lawsuit. What types of compensation will be included in your claim? If your injuries prevent you from working for some period of time, how long can you expect to be compensated for your inability to earn income?
Texas—Consistently Near the Top for Annual Motor Vehicle Accidents
For many reasons, Texas routinely sits at or near the top nationwide for the number of personal injuries suffered in car, truck and motorcycle accidents. The sheer size of the state, the number of vehicles on the roadways, and the many large urban areas all contribute to the problem, with TxDOT reporting that average of nearly 300 motorists or their passengers lose their lives in a Texas motor vehicle accident every month.
How Are Lost Wages Calculated When You Can’t Work in Texas because of a Personal Injury?
To determine the full extent of lost wages, you’ll start by looking at all your regular sources of income, including hourly wages or salary, overtime compensation, bonuses, commissions, tips and even personal time off (PTO). If you’re paid hourly, it’s simply a matter of multiplying your hourly wage by the number of hours lost. If you’re a salaried employee, you’ll typically divide your annual salary by the number of days you work to find the average daily pay, then multiply by the number of days lost to get the full measure of your damages. As a self-employed person, you’ll generally rely on tax records to show average or projected income.
In addition to lost wages or income, you may also be entitled to lost employer contributions to healthcare plans, retirement or stock options.
If you are unable to return to work, you have a right to compensation for the remainder of your work life expectancy. The calculations typically factor in periodic and reasonable pay increases.
Let Attorney Michael R. De La Paz Protect Your Rights When You Have Been Hurt in a Texas Car Accident
At the Law Office of Michael R. De La Paz, we have more than 26 years of experience protecting the rights of personal injury victims in Harlingen, McAllen, Brownsville and Houston, across Texas and nationwide. We have a comprehensive understanding of the types of injuries commonly suffered in any type of motor vehicle accident, and know how to effectively present your case to a judge and jury, if necessary. We will use our considerable experience, skill, knowledge and resources to help you get the outcome you want. Free call, text or chat, 24 hours a day, seven days a week–https://delapazlaw.com/.
Handling Motor Vehicle Accident Lawsuits Nationwide, Including, But Not Limited to Texas, Florida, New Mexico, Illinois and Oklahoma