Here's a few different takes on it. Well worth the time to read these links
and do your due diligence.

http://barnson.org/node/250


Good read to make sure issues like overtime/benefits/etc are clear cut:

http://blogs.payscale.com/ask_dr_salary/2007/01/hourly_wage_vs_.html



An EXCELLENT writeup:

Part 1
http://www.allbusiness.com/human-resources/workplace-health-safety/4353988-1.html

Part 2:
http://www.allbusiness.com/human-resources/workplace-health-safety/4554517-1.html

And in Part 2 see this link:
http://www.dol.gov/whd/flsa/index.htm


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