since all the income for the year is to be reported by the S-Corp, your compensation must be reasonable based on the services you performed for the S-Corp for the entire year. Reasonable is not specifically defined in the tax laws but rather as the various results from court findings. since this is your first year as an S-Corp it's advisable to confer with a tax pro who can give you guidance in this matter as well as tips about things you may be overlooking. For example, do you have health insurance that you use to take as Self-employed health insurance deduction. That's a lot more complicated with an S-Corp and if you don't follow the rules neither the S-Corp nor you get a deduction. Personal use of company vehicle and thing that has to be handled differently.
I do think you need to file 941s for the first two quarters which may result in penalties for late filing. discuss this with the tax pro.
