In addition to @Rainman12 comments, as a schedule C all the earnings are subject to SE tax.
With an S corporation, only your wages are subject to SE tax (technically FICA) (half paid by you and half paid by the S corp) Any flow-through income is not subject to SE tax.
This is a hot button for the IRS so make sure you consult with a tax professional to understand all the tax implications of either entity option.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
