Tax/Entity question with W2 job

[Alex Freelove]

Scenario: 

A W2 employee (family business) makes bonuses upward of $50,000+. When that bonus comes through, it gets taxed heavily ($23,000+). Is there a way the employer and employee could form an LLC together and have the employer put said bonus together and match it to purchase Real Estate as 50/50 Partners to save on Payroll/Income taxes? I understand their will be income taxes on on the earnings from the Rental property (minus all deductions) but just trying to avoid the payroll/income taxes through the W2