From the 1120S instructions:

Distributions and other payments
by an S corporation to a corporate
officer must be treated as wages
to the extent the amounts are reasonable
compensation for services rendered to the
corporation.
Enter on line 7 the total compensation of
all officers paid or incurred in the trade or
business activities of the corporation. The
corporation determines who is an officer
under the laws of the state where it is
incorporated.

Wages = W-2.