Stewart and Nancy Jackson are married and retired. In 2022, they anticipate that Stewart will collect $7,400 of Social Security benefits and Nancy will collect $9,300 of Social Security benefits. The Jacksons also expect to receive $18,100 of distributions from Nancy’s section 401(k) account from her former employer, $1,200 of tax-exempt interest from municipal bonds, $400 of taxable interest, and $10,800 of dividends. 

Stewart inherited antique furniture that his mother had bought for $620 in 1957. The furniture was worth $7,930 when his mother died in November of 2018 and $7,420 when the executor distributed the furniture to Stewart from the estate in January of 2019. Stewart sold the furniture at auction for $8,240 during February of 2022. In January of 2022, Nancy received stock as a gift from her father. Her father purchased the stock in 2020 for $3,680 and, when he gave her the stock in January, it was worth $3,510. Nancy sold the stock for $3,950 early in March of 2020. 

The Jacksons plan to file one tax return (i.e., they will file a joint federal income tax return) for 2022. Nancy would like to provide some consulting services as an independent contractor in order to earn some money for a down payment on a new car. She believes that she could earn $82 per hour and thinks that she could bill her clients for 560 hours of work before the end of 2022. Nancy believes she would have $37,000 of unreimbursed deductible business expenses as a consultant, and she has determined that the amount of her Social Security benefits would not change if she provided those services. Nancy believes that she would need to net $8,000 from the services, after paying the business expenses and any additional taxes, in order to earn enough for the planned down payment. Required: Assume the Jacksons pay income tax at a rate of 22% of their combined adjusted gross incomes.

Required

Explain what amount of money, if any, Nancy would have for a new car from her consulting services after paying any increase in their combined income and/or other taxes as a result of providing those services.