I'm considering leaving my salary job to become a consultant/contractor. One option is forming an S corp vs being a sole proprietor. It seems that ESP properly handles the SS tax part of a sole proprietorship, but what are the ramifications of doing business as an S corp?

If the S corp were to have ~$165K in revenue there would be enough money to pay me 122K salary, contribute $30.5 K (25% of salary) to my 401K and pay 7.65% employer payroll tax. Should I record that 122K as standard SS-covered salary, and the $30K as employer contribution to retirement accounts?

I've properly input all my financial data to accurately reflect my circumstances - except I cannot figure out one thing. What is the best way to model a recurring income stream from an S corporation?

Neither the "Employee Wages" nor the "Self-Employment Earnings" on the "Earnings" tab would be appropriate because those cases do not accurately reflect how taxes are calculated on that income. Specifically, income from pass-through entities (e.g. S corporation) generally is subject to state and federal income taxes, but it is not subject to FICA and Medicare taxes.