LED resistor questions.

[ajnin]

Legend
VS = supply voltage
VD = voltage drop
VL = LED voltage
I = LED current
P = watt

Formulas Used
R = (VS - VL) / I*
VD = VS - VL
P = VD * I (is this right?)

Values
VS = 4.6
VL = 3.6
I = 500mA / .5 A
VD = 1
R = 2
P = 1 (is this right?)

http://led.linear1.org/led.wiz tells me that the above is correct. Now I am trying to figure our how to get the dissipation from both the led and the resistor.

As far as I know, R.dissipation = I * VS. But that give me a value of 2.3, while the above calculator suggests 550.

So my question is, how do I figure the dissipation of both resistor and then the LED?