For question #1 - Use TaxCaster Calculator to estimate your taxes
TaxCaster
For question #2 - See this article for tax treatment of S Corps
S Corps tax treatment
see the sections:
"... an S corporation doesn’t pay any tax to the IRS. It is treated similarly to a partnership in that the income and deductions “pass-through” to each shareholder to be reported on their personal income tax returns in proportion to their respective shares of ownership."
- AND -
"In order to operate your business as an S corporation, you must satisfy a number of IRS requirements first. Your business must operate as a domestic corporation, have only one class of stock and have no more than 100 U.S. shareholders."
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