How much wholesaling revenue for LLC s-corp taxation to work?

[Michael Merritt]

How much income does a wholesale business need to generate for an LLC with S-corp taxation to make sense?

For example, let's assume my day job satisfies my social security tax and the wholesaling business does the following:

• Makes a 100k profit
• Pays me a salary of 50k
• Pays medicare tax on this employer and employee
• The 50k profit would get taxed via a k-1 and be subject to federal and CA tax but not medicare tax.

Same as above without the S-election:

• I pay federal/CA/medicare tax on the 100k profit

Conclusion: The S-election saves me 1,500 in tax (3%* 50k) then I have the cost of preparing the S-Corp tax return 1k-2k (i live in SF) and I would have to pay ADP or another payroll provider to handle my paychecks/withholding W-2 etc that is another 1k or so. 

Does this sound about right? So I need to make something like $150k a year for it really to make sense to use s-corp taxation? Any other things I'm not thinking of that would make it more clear which direction I should go, LLC vs LLC + S-Corp?