I formed a New York state corporation for my software business. At the end of December, the company received a large lump sum payment for a contract, making 2010 the first year the company made a profit. Now that the company has a positive balance sheet I am going to start taking a salary. I am obviously going to comply with tax laws by taking out Social Security and employment taxes as well as unemployment insurance. My understanding is that as the sole owner of the corporation I don't have to pay workers' compensation or disability insurance for myself. Do I need to report myself as a "new hire" as I would if I were to hire someone else? And do I have to comply with NY labor laws that say payroll has to be paid twice a month at scheduled times?

what tax status will the company have?

if it is a "pass-through" tax entity such as an "S" corporation, you will be taxed on the company's net income. "Salary" is then a fiction and should better be called something else.

however, you are still subject to quarterly estimated tax payments, including estimated social insurance taxes.

Only if the corporation is taxable [Form 1120, etc.] does it withhold taxes from your salary, etc.

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I'm not in NY and I'm fairly sure that those silly NY labor law requirements you mention do not apply to what amounts to a self-employed individual. What would be the point? you're the owner, manager, and employee all in one -- if you won't do right by yourself, why should the state care?