Dieting is the WORST. Thanks to all authors for creating a page that has been read 533,129 times. The best way for salary earners to pay Zakat is to chose a specific time of the year and calculate his net worth. Due to the significant difference in the cost of gold and silver, the Nisab for silver is now much lower. Then exclude things Zakat are n paid on (like the house you live that is your own, like machines you us for business, etc) then check if the amount is up to Nisab. [1] Zakat is actually on wealth rather than income. This could occur in any period throughout the year. NIsab value is updated monthly. So, please do not think twice before donating for Amna�... We earnestly need your help. More than 14,000 beneficiaries received assistance through your Zakat every month. If your zakat is more than nisab, use current gold or silver calculators to see how much you owe, keeping in mind you can always give more if you are able. Well done. How do I determine what to pay on zakat for jewelry? This article received 40 testimonials and 81% of readers who voted found it helpful, earning it our reader-approved status. Step 5 : Your Zakat on Savings is: lowest balance ($) x 2.5% How to calculate Zakat on Savings (Multiple Savings Account) There are three guidelines calculate zakat income either: 2.5% of total gross income per year (if income exceeds nisab) or; Zakah after deducting basic expenses allowed (based on the rejection method permitted) or; Zakah after taking into account the actual liability. Yes, but not the whole mortgage. I believe you would do it the same way shown here, only counting what you actually own. Step 4 : Identify the lowest balance in the year. You should then apply your Zakat percentage to that. ". However, the value of any conventional financial obligation is considered. Always check current market rates, as gold and silver prices fluctuate. But this amount can be given only on the saving that is with him for more than one year. The value of a car or a home that you rent out to others is also not considered. The more Zakat that is paid, the more beneficial it is to the poor and needy. Some examples of zakat-eligible assets include stocks, savings, investment properties, cash, business income or precious metals such as gold. These zakat calculators let you find out the monetary value of each type of wealth and then work out 2.5% of the total sum. If in the past year none of your balances have dropped below the Nisab value, you are eligible for Zakat. Many time I am paying to acquire advanced skills. ", "Some concepts are better understood now. ", "This article helped me understand zakat a lot more clearly. However, if you are saving some money from your earnings, the saved amount has reached nisab,  and one full year has passed on this, you have to pay zakat on that asset. ", "Nice, as it explains in a simple way, and covers all basic concepts. You have more than the nisab so you owe zakat. Zakat teaches you self-discipline. To make sure that you are paying off all the religious obligations on you, in a better way, you must get answers to all these questions. ", "Though article was informative, it should have been more elaborate. This article I liked the most because of simple language, clear, "Precise explanation on zakat calculation. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/0\/06\/Calculate-Your-Personal-Zakat-Step-1-Version-2.jpg\/v4-460px-Calculate-Your-Personal-Zakat-Step-1-Version-2.jpg","bigUrl":"\/images\/thumb\/0\/06\/Calculate-Your-Personal-Zakat-Step-1-Version-2.jpg\/aid747683-v4-728px-Calculate-Your-Personal-Zakat-Step-1-Version-2.jpg","smallWidth":460,"smallHeight":345,"bigWidth":728,"bigHeight":546,"licensing":"