S Corp Limitations?

[Ben C.]

The main benefit everyone's raves about, in regards to using an S Corp to flip properties, is being able to funnel some of the profits as "distributions" and limit self employment taxes. However, in my situation my wife and I both have Regular w-2 jobs and file jointly. My question is, hopefully some accountants can chime in here, what are the income limitations on the FICA? I think I've heard around $118,000? To cut to the chase I am wondering if I should simply stick with an LLC (due to the possibility that the dividends wouldn't even save me money if I'm hitting my contribution limits via my regular W-2 income?) Thank you so much!