I own a single-member LLC and file a Schedule C with my Form 1040 individual income tax return. My friend thinks it may be beneficial for me to form a S Corporation. 1. What is the main advantage of forming a S Corporation?

2. Is a S Corporation a pass-through/flow-through entity?

3. Would I still have to make estimated tax payments?

4. Would I still have to pay self-employment tax?

5. What is the self-employment tax rate? In 2017 my business income was $150,000. A reasonable salary comparison for the work I do is $50,000. Assume my effective individual income tax rate is 15%. 6. How much tax would I have saved in 2017 if I was the only shareholder of a S corporation?