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re: Why does Kelly get paid for coaching football to an LLC? Is this to pay less taxes?
Posted on 1/27/23 at 2:24 pm to Mbeloso
Posted on 1/27/23 at 2:24 pm to Mbeloso
An LLC can’t be a W2 employee. So I’m guessing he has a low base salary from LSU and the rest of the compensation goes to his LLC for the services it provides. Don’t really see the tax benefit for that unless he just leaves the money in his LLC account
0
Posted on 1/27/23 at 2:57 pm to GumboPot
quote:
How do healthcare and other benefits work
When you make 10 million a year, do you really need to worry about healthcare or other benefits?
Posted on 1/27/23 at 3:06 pm to LSUtiger89
quote:
Actually taxes are a big reason for this in particular. It can very much lessen the taxes. Especially if it is S-corped and pays the employee a salary.
It doesn't so much as lessen taxes as it allows them to deduct expenditures that a independent contractor can deduct that a w2 employee cannot. It basically enables the form of the employment relationship to resemble the form.
Posted on 1/27/23 at 3:07 pm to GumboPot
quote:
Does Kelly get these benefits through LSU or his LLC?
LSU coaches are a part of LSU’s medical insurance program, just as any other employee.
Posted on 1/27/23 at 3:08 pm to GumboPot
quote:
How do healthcare and other benefits work. Does Kelly get these benefits through LSU or his LLC?
I don't know how it works for a public employee like Kelly. For most actors the loan out buys the health insurance for the member and withholds premiums from distributions to the member.
Posted on 1/27/23 at 3:09 pm to GumboPot
(no message)
This post was edited on 1/27/23 at 3:09 pm
Posted on 1/27/23 at 3:13 pm to Mbeloso
Cuz frick Uncle Sam, that’s why!!!!!
Posted on 1/27/23 at 3:22 pm to Mbeloso
You don’t get your salary paid to an LLC?
Posted on 1/27/23 at 5:09 pm to Mbeloso
Mind your business!
Posted on 1/27/23 at 5:27 pm to Mbeloso
Yes....plus litigation barrier
Posted on 1/27/23 at 5:44 pm to Mbeloso
quote:
Why does Kelly get paid for coaching football to an LLC?
Things poor people say.
Posted on 1/27/23 at 5:47 pm to burke985
So he should pay more in taxes just because he can? If it does not violate the current tax code who cares.
Maybe we should make things simple and you just pay a flat percent with no deductions.
Maybe we should make things simple and you just pay a flat percent with no deductions.
Posted on 1/27/23 at 6:05 pm to LSUtiger89
quote:
Actually taxes are a big reason for this in particular. It can very much lessen the taxes. Especially if it is S-corped and pays the employee a salary.
^^^^^^^^^^^^^^^^^^^^^^THIS^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Posted on 1/27/23 at 6:07 pm to BlackAdam
quote:
that a w2 employee cannot.
i am a W2 but through my own corporation and get a shite ton of deductions especially on the company side.
Posted on 1/29/23 at 7:58 am to BlackAdam
No. By S-corping you pay a wage. On that wage you on top of federal and state income tax you also pay the employer and employee halves of social security and Medicare tax. When you s-corp you pay that on the wage. The rest of the income is paid out as a dividend to the employers. That saves roughly 13.77% right off the top of the rest of that income.
Let’s say you make 150k.
You pay yourself 50k. The other 100k you save 13,770 right off the top in taxes. LLC is a legal protection S-Corp is a tax protection.
Let’s say you make 150k.
You pay yourself 50k. The other 100k you save 13,770 right off the top in taxes. LLC is a legal protection S-Corp is a tax protection.
This post was edited on 1/29/23 at 8:00 am
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