Just a few problems with your understanding C-Corps.

1) They don't have "owners"; they have shareholders.

2) The "employees/owners" ie, those that provide services get wages (W-2).

3) Money paid out to these "owners" (your description) is either a loan, or a dividend.  So a Form 1099-Div should be filed.  Dividends are NOT deductible at the corporate level, but are taxable to the recipient.  Thus the reason that closely held corps are usually not C-Corps.

Report back if you really meant this is an S-Corp as the rules are a bit different