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In the Name of God بسم الله
Paul Wick

Khums Calculation Method

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Salams,

Where one is paying khums on a salary, do you simply compare the bank account balances  on the first and last days of the khums year, or do you take the lowest balance in the account during the khums year?

jazakhallah Khair

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16 minutes ago, Paul Wick said:

Salams,

Where one is paying khums on a salary, do you simply compare the bank account balances  on the first and last days of the khums year, or do you take the lowest balance in the account during the khums year?

jazakhallah Khair

Salaam.

I have picked a date for khums (e.g. Jun 30). I take the current savings on Jun 30 2018  and subtract last year's savings (June 30 2018) from it. The difference is the increase. I pay 20% of that as khums. If negative number, then no khums.

We should all pray that we get to pay khums every year. It means we had savings. 

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On 6/14/2018 at 10:30 PM, ShiaMan14 said:

Salaam.

I have picked a date for khums (e.g. Jun 30). I take the current savings on Jun 30 2018  and subtract last year's savings (June 30 2018) from it. The difference is the increase. I pay 20% of that as khums. If negative number, then no khums.

We should all pray that we get to pay khums every year. It means we had savings. 

Thanks for your answer, two follow-ups

(1) Just to clarify: if the increase between the two dates is $500, but only $100 of that was actually in your account for one year, you pay 1/5 of $500 even if $400 is added on 29 June?

(2) if you receive $100 as a gift during the khums year, but it is spent by the end of the year, do you reduce the amount of increase by the amount of gifts received during the year?

Jazakallah

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13 hours ago, Paul Wick said:

Thanks for your answer, two follow-ups

(1) Just to clarify: if the increase between the two dates is $500, but only $100 of that was actually in your account for one year, you pay 1/5 of $500 even if $400 is added on 29 June?

(2) if you receive $100 as a gift during the khums year, but it is spent by the end of the year, do you reduce the amount of increase by the amount of gifts received during the year?

Jazakallah

1) I use the $500 as a personal choice. I prefer to err on the side of caution and would rather overpay than short pay khums.

2) I only use the final balance to take out complications.

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3 hours ago, ShiaMan14 said:

1) I use the $500 as a personal choice. I prefer to err on the side of caution and would rather overpay than short pay khums.

2) I only use the final balance to take out complications.

The last day of my khums year ( counting from my first paycheck) is payday. Do I pay 1/5th of my whole paycheck or do you deduct your expected expenses for the month first?

 Thanks for your time I really appreciate it! 

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1 hour ago, Paul Wick said:

The last day of my khums year ( counting from my first paycheck) is payday. Do I pay 1/5th of my whole paycheck or do you deduct your expected expenses for the month first?

 Thanks for your time I really appreciate it! 

Deduct and pay your expenses first - on the same day if possible.

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