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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
re: Why does Kelly get paid for coaching football to an LLC? Is this to pay less taxes?Posted by Gulf Coast Tiger 
on 1/27/23 at 2:57 pm to GumboPot
on 1/27/23 at 2:57 pm to GumboPotquote:
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?
re: Why does Kelly get paid for coaching football to an LLC? Is this to pay less taxes?Posted by BlackAdam 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.
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.
re: Why does Kelly get paid for coaching football to an LLC? Is this to pay less taxes?Posted by TwoDatBait 
on 1/27/23 at 3:13 pm to Mbeloso
on 1/27/23 at 3:13 pm to MbelosoCuz frick Uncle Sam, that’s why!!!!!
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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.
re: Why does Kelly get paid for coaching football to an LLC? Is this to pay less taxes?Posted by Fat Bastard 
on 1/27/23 at 6:05 pm to LSUtiger89
on 1/27/23 at 6:05 pm to LSUtiger89quote:
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^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
re: Why does Kelly get paid for coaching football to an LLC? Is this to pay less taxes?Posted by Fat Bastard on 1/27/23 at 6:07 pm to BlackAdam
on 1/27/23 at 6:07 pm to BlackAdamquote:
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.
re: Why does Kelly get paid for coaching football to an LLC? Is this to pay less taxes?Posted by LSUtiger89 on 1/29/23 at 7:58 am to BlackAdam
on 1/29/23 at 7:58 am to BlackAdamNo. 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 at 8:00 am
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