Q. I would like to find out how do you calculate how much do you have to pay for Zakaat?
A. Zakaah is paid on one’s savings when a year has passed over it. As such, you must look to see the date when you became the owner of a Nisaab and allow one year to pass. After the end of one year, if you are still in the possession of a Nisaab, you will be required to pay 2 ½ % of the entire savings. If, at the end of a year, you do not have a Nisaab, then Zakaah will not be essential upon you. You will have to look in the future to see when you become the owner of a Nisaab again, and check one year from that date.
And Allah knows best.
Mufti Waseem Khan