The work weeks run Sunday - Saturday
Next week is a holiday week
Working 48 hours total 1 which is Thursday Thanksgiving Day, working 8 hours

Should employer pay as follows or am I wrong

8 hours Overtime
8 hours Holiday
32 hours regular

What is the law on actually working 8 hours on a holiday plus working a 6th 8 hour day during that same week?

There is no law about working on a holiday.

The employer could pay you 40 hours straight and 8 hours overtime.

The employer could, but is not required to, pay a premium rate for working on the holiday. We pay time and a half, but we don't call it "holiday pay." That term is reserved for employees that get paid time off for NOT working on a holiday. Instead, we call it "holiday premium pay." Totally up to the employer, though.