Is this something that is legal to do? IL

I am working as a contractor for a company that I have a financial stake in, we bill at $100.00/hour.

Sometimes I am the consultant on site and I only pay myself $6.00/hour.

The remaining money stays with my company and also goes to pay another employee as well.

Will the IRS have an issue with my only paying my self $6/hour while my own company pulls in much more?

The reasons behind this is the company will only have to pay out 15% taxes on the revenue and I am able to keep my income low enough to also keep me elidgable for unemployment benefits because I am only billing about 60 Hours a month. (far below the state limit)

No, that's not legal. The IRS frowns on people who pay themselves a low wage & leave profits in the company to avoid self-employment taxes. If your wages are low, the IRS can declare all the profits self-employment income.

You're probably also violating your state's unemployment eligibility laws. If they catch you, they will make you pay all that money back.