S-corp, could my taxes have a better strategy?

I thought I understood my taxes pretty well but I guess I don't.

My wife gets paid on a W2 and makes about 230k, I have an S Corp which made around 420k (eyy), after deductions (incl my salary of 150) the profit on the S Corp is about 170. I've paid 55k from the corp to the fed in est taxes and paid about 50k in est taxes to the fed from my personal acct. Wife's W2 box 2 says 35k, box 4 - 90k, box 6 - 4k.

I thought my corp would have to pay tax but my accountant says that it goes through to the personal and I don't pay it on the corp.

1. Does this sound all above board to you guys?
2. Why would I pay est taxes from my business acct and not personal if the S corp doesn't pay taxes?
3. I thought the corp rate was lower than personal so I thought it made sense for the corp to have the income and then pay less tax?
4. Would there be a better tax strategy than an S-Corp?

Appreciate any insight!