Answer by Wray Rives:
Your earnings through the S Corp do not qualify for the Foreign Earned Income Exclusion. The salary you receive from the S Corp may qualify, assuming you individually qualify otherwise. S Corp pass through income is not earned income and does not qualify for the exclusion, so you can still deduct your normal business expenses on the S Corp tax return, but net earnings from the S Corp will be taxable on your individual US tax return.
Even if you qualify for the Foreign Earned Income Exclusion on your S Corp salary, your wages will still be subject to FICA and medicare tax, because you have a US employer.