What is the tax liability for an S-Corp?

An S-corp is a corporation that elects to have all of the tax liability, profits and losses pass through to the shareholders for federal tax purposes.  The business tax liability is zero and the S-Corp has no profit or loss for tax purposes.  Shareholders profits, losses and deductions are documented in a  Schedule K-1 showing the Shareholder's Share of Income, Deductions, Credits, etc. to report their share of the corporation's income, deductions, credits, and other items.