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Zakat Calculator Help
I am trying to use the built in zakat calculator but a little doubt if someone can help me with:
So all my savings from my earning are from my job and sums up to 200,000
This amount includes 55,000 of investment in crypto
Where should I input these values in the zakat calculator ?
Thanks
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8 Replies
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Zakat Calculator Help
updated 4 years, 6 months ago
2 Members
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8
Replies
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The zakat calculator has appropriate boxes for your earnings as well as investments. You’ll put the appropriate numbers in their respective boxes. Each box has a description below it that tells you exactly what goes in that box.
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Yep it is quite clear but It doesn’t make sense tbh, should I put my savings (earned from my salary) under “zakat on earning” OR “zakat on assets > cash” ??
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If I earned $100, spent $80, and saved $20 then $100 goes under earnings and $20 under assets.
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Excuse my stupidness, but why are you accounting for your 100$ as your earnings( because 10% of it is payable that you don’t have, as you’ve spent 80$ ?!)
The $20 in assets part is clear thanks!!
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If you earn $100 then you owe either 5% or 10% zakat on it at the time you receive the money. However, many people pay zakat only once a year, which is okay but you still have to account for it.
If you plug in all the numbers as described, the calculator does all the hard work and produces a transparent statement of zakat in the end so that you know exactly what was calculated and how.
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Aha yeah that’s clear. And I watched the recent recorded talk of Ghamidi saab on zakat, he mentions on the set date whatever savings I have zakat should be given on it, as opposed to zakat on whatever savings that have been unused for a year atleast.
Could you pls clarify?
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I think that you summed it up correctly. What clarification are you looking for?
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So bacc my set date for zakat is the 27th of ramadan. Last year 27th ramadan I had 200. And then let’s say this year on the set date I have 300.
Is the zakat on the 200 (being saved since the last year and unused) or 300 (savings of last year + savings done through out the year but not necessarily done a 1 year waiting period ) ?
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