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If you are an Independent Contractor, of course there is no overtime paid.
However, if you are an Employee, it is against the law not to pay for hours worked over 40 hours per week.
From the Department of Labor website:
"An employer who requires or permits an employee to work overtime is generally required to pay the employee premium pay for such overtime work. Employees covered by the Fair Labor Standards Act (FLSA) must receive overtime pay for hours worked in excess of 40 in a workweek of at least one and one-half times their regular rates of pay."
"Overtime Pay May Not Be Waived: The overtime requirement may not be waived by agreement between the employer and employees. An agreement that only 8 hours a day or only 40 hours a week will be counted as working time also fails the test of FLSA compliance. An announcement by the employer that no overtime work will be permitted, or that overtime work will not be paid for unless authorized in advance, also will not impair the employee's right to compensation for compensable overtime hours that are worked."
What is meant by “requires or permits” is that the employer does not specifically have to “approve” overtime. If the employer is aware that an employee is working more than 40 hours per week (whether authorized or not), overtime MUST be paid. The employer can reprimand the employee for working overtime without authorization, but they cannot refuse to pay them for the hours worked at time and a half.
http://www.dol.gov/whd/regs/compliance/whdfs23.pdf