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Eligible Muslims pay Zakat once a year, and it is due as soon as one lunar (Islamic) year has passed since meeting or exceeding the nisab (certain amount of wealth).
We have broken down the calculation process into Zakatable assets (gold, silver, cash, savings, business assets etc.) and Deductible liabilities (money you owe, other outgoings due) so you can calculate the Zakat you owe easily.
The amount of Zakat you need to pay will be determined once you have calculated the value of your net assets. You then need to see whether your net assets are equal to, or exceed, the nisab threshold.
Personal cash on hand & in bank accounts
Total value of gold, silver & precious items
Total value of shareholder dividends
Max withdrawal value after taxes and penalties: IRA, 401(k), pensions, etc.
Good Loans to others expected to be paid back
Expected receivables (tax refunds, deposits, salary, etc.).
Business cash on hand & in bank accounts
Net value of business inventory & trade goods
Total business receivables by Zakat due date
Real estate properties' investment/sale value
Net income from exploited fixed business assets (e.g. rental unit)
Net income from leased mobile assets (e.g., cars)
Immediate necessary debts (rent, food, utilities, etc.).
Zakat paid in advance
3 troy ounces of gold is approximately $7,943 as of December 13, 2024.
Total Zakat Due: $0.00
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