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After you decide on your salary, you'll need to pay yourself and issue yourself a W-2 after the end of the year. You will have to file and pay employment taxes on this salary (FIT, FICA, SIT, FUTA and SUTA).
Any remaining profits above your reasonable salary may then be taken as an S-corp dividend distribution which is not subject to employment taxes.
A good article on this can be found here: http://taxes.about.com/od/scorporations/qt/scorp_payroll.htm