1. Are the tax benefits the same as an S-corp or are there additional benefits from a tax standpoint with a PC over an S- Corp?
A: Depending on how you set up your accounting and are paying yourself and your employees, yes there are, but these issues should be addressed by your tax consultant for greater detail given the individual circumstances of your business
2. Like a C corp, does the PC have to declare itself an S-corp for tax purposes? ... and are there other options at tax time? I will be a single share holder / owner.
A: Yes, you do have to declare subchapter S treatment. As for other options at tax time, your tax consultant will have a better understanding of what options are available to you given your individual circumstances.
3. The link you sent me to says that health insurance premiums are fully deductible for employees. I believe that I would be an employee of the corp, therefore my own health ins premiums would be deductible? for PC and/or S-corp?
A: Yes, if the business is paying for those.
4. Likewise, it said that life ins premiums may be deductible. I have a whole life policy, would the premiums be deductible? ...for PC and/or S corp?
A: Yes, if the business is paying for them. However, there may be some limits on this depending on how it is structured by your tax consultant.
5. With the whole life policy, does it depend on who is the beneficiary or the owner of the policy for its premiums to be deductible?
A: I'm not sure on this one.
6. With an S-corp, the shareholder may take 60% income from corp as an employee with FICA?FUTA tax, and 40% as dividends which are not subject to FICA/FUTA. Is this the same for PC?
A: If you elect subchapter S treatment for the PC, yes.