On what items and how much should i pay Zakaat?

Question

My question is about Zakat calculation

I have 20,000 US dollars in cash and in checking account and about $ 5,000 worth of jewellery.

I have a car loan of around $15,000 (fixed amount) which I have to pay over next 3 years.I got the car 2 months ago.I donot have any other loans.

I have another car on lease and owe about 4,500 on that over next 15 months.

My question is On what items and how should I calculate my payable zakat in this instance?

Total money in cash & check jewellery

Total money in cash & check - (car loan amount of $ 15,000 amount owed on car lease of $ 4,500) jewellery

Secondly,before calculating zakat on money in bank and in cash should I subtract the amount of money due for utility bills,
car payments,apartment rent and monthly credit card payments ( for this particular month)? Please advise.

Your answer in a table format would be really helpful and easy to understand,if convenient.

jazakullah khair.

Ml. Abrar Mirza · Accepted Answer

In the name of Allah, Most Gracious, Most Merciful Assalaamu `alaykum waRahmatullahi Wabarakatuh You need to add up all your wealth, which includes money in the bank, cash, jewelry, etc. and subtract all expenses due until the end of your zakātable year. If this leftover amount is greater than nisāb (minimum value in order for zakāh to be compulsory), then 2.5% of it will be the zakāh. For example, if the following values are income earned and expenses due by the end of your zakāh year, say 1st of Ramadān, then the zakāh will be calculated as such: Wealth on 1st of Ramadān Cash 20000 Jewelry 5000 Shares 0 Expenses due by 1st of Ramadān - Car Loan 5000 - Car Lease 300 - Utilities 100 - Rent 500 - Credit Card 600 Money Leftover on 1st of Ramadān = Leftover 18500 18500 X 2.5% = 462.50. Your zakāh is $462.50. And Allah knows best Wassalaamu `alaykum Ml. Abrar Mirza, Student Darul Iftaa Darul Iftaa

Wealth on 1^st of Ramadān
	Cash	20000
	Jewelry	5000
	Shares	0
Expenses due by 1^st of Ramadān
-	Car Loan	5000
-	Car Lease	300
-	Utilities	100
-	Rent	500
-	Credit Card	600
Money Leftover on 1^st of Ramadān
=	Leftover	18500

18500 X 2.5% = 462.50. Your zakāh is $462.50.

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