Starting Out -- Do I need S-Corporation?

[Albert W.]

Hi All,

I'm just starting out here and am looking for my first property to buy-fix-flip.  I do have a day job however so this is really on the side.  My question regards taxes.  From what I can gather, If I flip a house within 1 year under my own name (not under an entity), I will have to pay short term capital gains taxes.  I'm confused as to whether or not I'll have to pay employment taxes too.  And if my intent is to flip, am I autmatically considered a "dealer?"  I have also read about the benefits of forming an S Corporation.  Let's say hypothetically I net $10,000 in the year from the flip -- under and S Corp what would my "income" be vs capital gain?  

Any help is appreciated!