Is overtime anything over 40 hours to the minute or can a company pay you in tenths which gives them on the average 30 min free of my time a week? In other words lets say I am schedule to work from 8am to 4pm 5 days a week, the company allows you to punch in 5 min early so you can relieve the others from the ealier shifts so lets say i punch in a 7:55am and head to my position. When its time for me to go and i finally get relieved I clock out and usually its around 4:05. That is 10 min a day 5 days a week sometime a little less that I dont get paid for either in regular time or overtime. Now this might seem petty to you but this would mean about 2500 more dollars a year in my pocket on a 40,000 a year income, that to me is alot of extra money I could put to good use.
According to labor laws it just says anything over 40. Is that true for all hourly employees or are some exempt. I work for the Iowa State Correctional falcility as a Correctional officer. Any information would be great. Thank you. Main reason this became an issue is because they started discplining those who go over the tenth which would be 4:06 and get overtime.

Yes, but the FLSA also allows for rounding up to the nearest 15-minute interval. So the situation you describe would be in compliance with the law and no overtime pay would be required.