You do not necessarily need to pay yourself wages or take a distribution, but you may opt to do one or both. Assuming that all the income is from this year, it is all treated as ordinary income in fiscal 2016. If you do not take a distribution or wages, the remaining profit is considered "pass through" income and is ordinary income on your personal return.
For next year's situation: assuming that you have the profit from fiscal 2016 minus the tax liability available, this is considered "retained earnings". You may draw from this as the 100% owner of the company without declaring it as income or paying taxes on it as it has already been taxed.
Please note, if you pay wages higher than the income for the year, this may result in a business loss. If you want to draw from prior years retained earnings after your wages equal income for the year (as to not take a loss), this would be taken as a retained earnings distribution and not through your payroll process.
