Hello JVersaguis,
S-corp. is a pass-thru entity that means S-corp. itself do not pay any federal taxes (some states might have certain type of tax at entity level) but income flows to each shareholder via k1 and shareholder pays tax on that income at individual level.
As for "Bonus" you mentioned, I might need little more clarification. Are you talking about bonus as in extra wages that will be reported on W2 or are you talking about distribution (Cash/property distribution from S-corp.)?
If each shareholder decided to take a bonus as an employee, you will report that on W2 and S-corp., will take a deduction for it. Again S-corp. do not pay any federal taxes.
If each shareholder decided to take a cash distribution form S-corp., there will be no deduction on income but it will be reported on each k1 box 16. Generally distributions are not taxable unless they are in excess of shareholder basis.
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