ZAKAT CALCULATION GUIDE
Note: This guide is for
calculation purposes only. No information is sent out of your computer
while using this guide. All processing is done locally on your machine.
No information is saved.
1-
Cash
Include
all cash on hand, money in checking and savings accounts, non-delinquent
loans, refundable deposits. Exclude any interest [1]
which accrued from these accounts.
2-
Stocks & Investments
Include
all stocks, mutual fundsbonds [2],
IRAs [2], Pension plans. Include
only the face value of the bonds and exclude any interest [1].
3-
Gold & Silver
Include
all silver and gold in hand, certificates, jewelry [3],
utensils and tools. The nisab for gold is 3 oz. of gold and the nisab
for silver is 21 oz. of pure silver.
4-
Business
Include
all business bank accounts, cash in hand, stocks, inventory and accounts
receivable. (Business
net worth = assets – liabilities)
5-
Real Estate & Rental Properties
Include
value of any real estate (other than primary home), secondary home,
and net income from rental property.
6-
Salaries & Bonuses
Include
take home salary and bonuses after taxes and minus average living expenses
The
zakat rate for the above types of wealth is 2.5% annually, if they reach
the nisab individually or collectively.
A)
Livestock & Crops of Farms and Groves
Zakat
rate is different for these categories. Please Call our office to assist
you in calculation of zakat.
Total
amount
Zakat
due from 1-6
Less
any payment
already
made towards zakat
Net
Balance Due
Note:
- Interest
from any source is prohibited and not to be included.
- Bonds
and other interest based securities are prohibited, but the face value
should be included.
- There
is no zakat due on jewelry (gold, silver or other gems) that is for
regular use.
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