taxes on an s corp and standard llc. confused!

[Tim Speer]

so i have a question on taxes.  I searched the answers in the discussions but couldnt find the answers im looking for. So hopefully one of you all can help me.  

So basically i have an s corp and llc.  Filing with the 2 states as of yesterday. 

for the s corp and llc how does the tax be determined?

Is it only what your business makes is taxed?
How does the process actually work..  thanks just a little confused is all.  I heard for the llc only what you bring in is taxed, can anyone concur?