Using value of gold (85 grams) – approximately $calculating...
Zakat is payable at 2.5% of the wealth one possesses above the nisab. Nisab, which is equal to 85 grams of gold, is the minimum amount of wealth one must have before they are liable to pay zakat. *The nisab amount listed is based on the latest available report to us (note: This number may change daily depending on fluctuations in the gold exchange rate). Zakat is liable on gold, silver, cash, savings, investments, rent income, business merchandise and profits, shares, securities and bonds. Zakat is not paid on wealth used for debt repayment of living expenses such as clothing, food, housing, transportation, education, etc. IRUSA follows the practice agreed upon by most scholars, which states that collectors of zakat are one of the eight groups that are eligible to receive zakat. Finally, an important note: Please consider adding 2% to your total zakat donation when using a credit card—this will compensate for any transaction fees deducted from your donation by the credit card companies, and will ensure that your intended zakat amount is paid in full.