TaxGuru,

I work as an independent contractor providing I.T. consulting services. Last year I filed for S Corporation status with the IRS and worked as a consultant for one company. The company I did work for gave me a 1099misc (with my name on it not the corporation) in January but Im unsure on how to apply this income from the 1099misc line 7 to the s corporation revenue.

Also how do I handle S/E taxes? Are they calculated directly from the amount on line 7 on the 1099misc or from the profits of the corporation?
Thanks!