How to calculate zakat on salary? Do you own zakat being a salary person? What is the percentage of zakat on a salaried person?
If you are a job holder, some of all of these questions might have surrounded you once or twice in your life. 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.
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How to Calculate Zakat on Salary
Purify Your Wealth By Giving Zakat
It requires giving a calculated amount (usually 2.5%) to the poor and needy. The more Zakat that is paid, the more beneficial it is to the poor and needy. There are many organizations all over the world that allows the users to pay their zakat online. First of all you’ll need to work out whether you’re obligated to pay Zakat online by looking at whether what you own meets the Nisab.
The value of the Nisab in prophetic tradition is 87.48 grams of pure gold or 612.36 grams of pure silver so the monetary value of the Nisab will vary according to current prices. Due to the significant difference in the cost of gold and silver, the Nisab for silver is now much lower. Although both values can be used, many scholars advise that we apply the Nisab of silver when calculating our Zakat so more of us are eligible to pay it.
Before you pay your zakat online to any charity organization, you must know that Zakat should be calculated and paid on any surplus wealth that you have owned for at least one lunar year.
- Gold, silver, precious metal, including ornaments/jewelry containing gold/silver
- Stocks and shares
- The money you have lent to others
- Cash in bank accounts, committees, or at home
- Any business stock
- The property you own for investment purposes
The easiest way to pay zakat online is to first calculate your zakat amount. There are many charity organizations who give you a facility of zakat calculator which you can use to calculate your zakat amount. 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.
As to be eligible for zakat, you have to own a certain amount for one full year, if you are a salaried person, in a way that you are left with nothing by the end of the month, you do not have to pay any kind of zakat. Here important to note is that this one full year starts from the date of possession of the nisab which is said to be the minimum wealth on which zakat has to be paid.
According to the Muslim scholars, on this basis, you are not doing have to pay zakat. 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. Some of the important points for zakat on salary can be addressed as follow:
- If any person falls under the following categories:
- He spends all of his earning and has no saving
- He saves some of the amount earned sometimes more sometimes less,
If he falls in any of these two situations, and he is not willing to give to any charity to anyone then he must align a written schedule of all the earning and spending and write down every amount with the date and then pay zakat for each amount noted, separately. But this amount can be given only on the saving that is with him for more than one year
However, if the person is generous and wants to give to people in need, he can pay zakat all the money he owns, by the end of one year from the time when his owned wealth first reached the defined value of nisab.
This one of the most common questions that is relevant to the willingness of a person and not, in terms of paying zakat. When it comes to talking about the zakat on salary topic, there is a long list of questions that need to be answered in detail for their actual and authentic clarifications.