Determining S-Corporation Profit for Federal Tax Liability

I have a sole proprietorship but I am exploring the tax implications of converting to an S-Corp.

When determining the business profit (paid as a distribution or corporate dividend), would I exclude all payroll taxes (FICA/FUTA), employee income, and employer 401k matches before determining federal tax liability?

Let's say for example, my business has a revenue of $120,000 with $20,000 in business expenses. I pay myself $50,000 as its employee plus $3,825 (7.65% of $50,000) in employer FICA and $420 (6% of $7,000) in FUTA. I also provide an employer match to my Solo 401k of $12,500.

Am I correct in calculating my federal tax liability as follows?

Business Revenue: $120,000

Business Expenses: (-$20,000)

Salary: (-$50,000)

Employer FICA/FUTA: (-$4,245)

Employer 401k Contribution: (-$12,500)

Business Profit: $120,000 - $20,000 - $50,000 - $4,245 - $12,500 = $33,255

FEDERAL TAX LIABILITY: $33,255 (business profit) + $50,000 (salary) = $83,255 (less standard/itemized deduction)