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One of the most important aspects of the nanny contract is the outlining of a payment schedule. A nanny can be paid in two different ways, and each method has its advantages. A nanny on a salary pay schedule gets paid every month (or two weeks) a set paycheck, no matter how many hours she worked. There are normally a set number of hours that a nanny will work per week. A salaried nanny is paid even when she is given an afternoon off so her employers can spend some extra time with their children, or when she needs a sick day. Paying a nanny salary is a way for employers to simplify their accounting; however they are responsible for paying for hours that their nanny may not work. A nanny can also be paid at an hourly rate. At the end of the pay period, the nanny's employers will calculate the total hours worked and pay her for her time. Paying a nanny an hourly wage does create more paperwork for her employers, but it allows them to only pay for the hours their nanny actually works. Regardless of whether a nanny is paid by salary or by the hour, the rate for overtime hours should be established in the contract. Even if a nanny is a live in, she should not be expected to work above and beyond her set hours for the week unless there is some sort of compensation. Many parents choose to have a specific number of overtime hours worked into the nanny salary.