Madinat al-Muslimeen Islamic Message Board
|How do I do my Zakat calculation?|
|07/07/01 at 01:19:47|
|Assalamalaikum wa rahmatullahi wa barakatuh|
I hope someone here can help me with this. I've been working since July last year for a pretty reasonable pay. Since I'm not married and still live wiht my parents I don't have any financial obligations, so most of the money ends up in my bank account. Can anyone tell me how the zakat is to be calculated in this case? I mean I know that zakat is incrued on cash that has been in possession for more than a year but how is it supposed to be done for the salary thats got every month?
|Re: Zakat calculation|
|09/13/00 at 10:16:44|
|walaikum salaam wrt|
i'm no zakat expert...i'd suggest you discuss the details with your imam, but try this zakat calculation form [url]http://www.icna.com/Zakat/Zakatform.html[/url]the general rule is that zakat is levied on everything you have had over a 1 year period that is over a certain minimum amount which i believe is equal to today about $1000.
So if during the previous year you were making $100 a week and at the beginning of the year you had $500, you don't pay zakat cause you're too poor :) but say you had $4000 at the beginning and then by the end you had $9200 you still pay only 2.5% of 4000. If during the year you fluctuated from $3000 to $5000 you pay zakat on the minimum amount you had in there 2.5% of 3000.
The idea of zakat is to tax money that has stayed idle during the year. This is to make the distribution of money more equitable. Basically if you had $4000 in your bank account that long, you definitely have more money than alot of people. Btw things like gold, jewlry, stocks and second homes, etc are also included in that calculation.
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