To be clear, the business income *would* include W-2 wages?
It seems W-2 wages from the business should appear on my federal 1040 (Schedule A), not forms 1120-S (entity level), while ordinary business income (line 22 from from 1120-S --> https://www.irs.gov/pub/irs-pdf/f1120s.pdf) would be the profit ($33,633 in the example above) subject to the PTET election. Is that not correct?
