Here is an article that may be helpful to some of you.
I know that for me being a Nanny was much more than just being a glorified babysitter it was a career & I treated it as such. I took college classes in early childhood development & got certified in pediatric first aid & CPR. I worked with the parents to develop schedules for the kids, helped with homework, went on field trips, did craft projects, took them to the park, kept a journal of eating patterns for the newborns. I was never asked to clean beyond cleaning after the children & myself as that was not my job, a Nanny is there for the children not to be a maid. I put as much care into other people's children as I do my own.
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General Considerations
A nanny's salary can vary considerably; some factors which can effect the salary a family will need to pay include:
The number of hours care is needed each week. A full time nanny will typically average 45 hours per week. Longer scheduled days will require additional compensation. If the work week is expected to be greater than 55 hours per week, the family is advised to split the job between two employees.
Geographic region of country. The highest salaries are paid in major metro markets such as Boston, New York, Washington, Atlanta, San Francisco and Seattle.
Whether position is live-in or live-out (in some areas a live-in nanny's salary is less; in other parts of the country there is little or no difference)
The nanny's experience
The number of children and the job responsibilities.
Benefits, such as health insurance.
To avoid misunderstandings, be clear that the salary offered is gross or net (take home amount) and state what deductions, if any, will be made from the offered salary. If offering a net wage, be very specific as to whether you are paying US social security/medicare taxes ONLY for the employee (s/he is responsible for US Federal and state income taxes) or whether the net includes your being responsible for all nanny income taxes also. You may wish to consult a US Employment tax advisor for guidance in these areas. Additionally, in the United States nannies are subject to Federal (and generally state) minimum wage rules.
The following are some general weekly wage guidelines assuming a 45-50 hour work week and one or two children. All figures are in US dollars and representative of Year 2006 wages:
18 - 20 years old, or less than 2 years verifiable child care experience - $325-$450 live-in; $8-12 hour live-out.
21 years or older, 2 or more years verifiable child care experience, no prior nanny experience (note that college education puts you to the higher end of the salary range) - $450-$600 live-in; $10-15 hour live-out.
Two or more years of nanny experience, and/or a college degree in a child related field - $450-800 live-in; $10-20 hour live-out, higher in major metro markets.
Part Time Nannies: In addition to hard to find, these jobs command a premium wage. These positions are almost exclusively live-out and paid on an hourly basis. Often there is a weekly guarantee, needed to retain dependable help. Hourly rates start at $12 per hour and are as high as $20 - 25 per hour is affluent areas such as the San Francisco Bay Area, Westchester (NY), Fairfield (CT) and Montgomery (MD) Counties. We have observed that affluent areas not well served by public transportation have the highest prevailing hourly wage.
These figures are just guidelines, local job market and specific employment conditions cause considerable variation. Specifically, CA, CT, DC Metro, MA, and NY salaries are quite a bit higher than national averages. Be aware that these are "gross wage" figures, before payroll taxes have been deducted. You can use the payroll tax calculator at HomeWork Solutions Inc., a nanny payroll and tax service, to compute take home pay and, if desired, print pay stubs.
The Compensation Package
The nanny will typically expect to be paid either every week or every other week. A full time nanny will expect to be paid her regular wage for 52 weeks a year, even if the family takes additional holidays without her. Families can pay the nanny in either cash, personal check, or using a payroll service with Direct Deposit. The nanny's paycheck should NEVER be delayed or forgotten.
A typical nanny or housekeeper/household manager compensation package today is not limited to her pay check. Many household employees ask for and receive the following:
Paid Time Off (PTO): (typically 5 - 15 days paid, some scheduling at family's discretion)
health insurance (typically 50% paid by family for first year, often fully paid after first year)
reimbursement for mileage if nanny is required to use personal automobile to transport children
six or more Federal holidays paid (New Years, Memorial Day, July 4, Labor Day, Thanksgiving and Christmas always).
A recent trend in developing the nanny compensation package is to offer Flex Days or PTO days in lieu of separate banks of paid vacation and sick days. The Flex Days are paid days to be used at the nanny's discretion. We usually see 10 - 15 days in a full time worker's agreement, and they can cover sick days, personal days, and vacation (pre-scheduled according to your agreement).
PTO time, vacation time, and sick time all typically accrue, or accumulate over time. Many families restrict the use of paid time off at the beginning of employment, generally 60 to 90 days. An employee who is offered 10 paid days off per year (2 weeks) will accrue, or earn 0.1923 days per week, or slightly less than one day per month. Typically, a worker who is both beyond the probationary period and voluntarily separating from employment is paid their unused accrued PTO and vacation time (not sick time) at the time of separation if there is a positive balance in their account. In some states payment of accrued vacation time is mandated under state employment law.
Another area which is often misunderstood involves payment for days not worked. Your nanny will expect to be paid for all days she is prepared to work, even if you decide to take your family away for a portion or all of any given week. The nanny will also expect to receive and to be paid for the following federal holidays: New Years Day, Presidents Day, Memorial Day, July 4th, Labor Day, Thanksgiving and Christmas. Most families also include the Friday after Thanksgiving. If you are uncomfortable with any of these expectations, however, let the nanny know in the Work Agreement how you will handle holidays and regularly scheduled days which are not worked due to no fault of the nanny, so that this does not come as an unexpected surprise, three months into the job.
Bonuses
Some families offer their nanny an incentive payment after the first (and subsequent) year's employment - variations include a bonus for signing on for an additional period of time (not necessarily another year - sometimes six month stretches) or the payment of a portion or all of a tuition payment for an evening or weekend class at a local community college. Bonuses generally reflect the family's appreciation for continuity of care for their child(ren) and the fact that they will not have to spend additional moneys recruiting a replacement.
Other incentives include health club membership, airfare home, and payment for all or part of health insurance premiums. Remember, most bonuses and non-cash compensation are taxable income to the employee and should be reported as such.
I don't want someone else raising my children. :shrug: JMHO
Is that all you'd pay a live-in Nanny? 
Good luck! 
I love her and it makes me so sad. I wish I could stay home with her, but I just can't. 