Does the employee have any rights in the state of VA?

My wife works for a company of about 10 employees. She is scheduled to work form 10 am til 6 pm Monday through Friday. At the end of the month they get really busy. She sometimes has to work until 8-8:30. They then tell her she has be in by 9:00 the next morning. She is a "exempt" employee, but when she misses time or has to take time off she is told they will dock her pay for the time off (as a non-exempt employee) they have worked up this schedule were they are only working 7:30 hours a day with a half hour lunch. My question is I quess how can they tell her she is "exempt" employee" force her to work overtime and not compensate her for the overtime and then when it come her taking time off they dock want to dock her pay as a "non-exempt employee"?

There are certain circumstances in which an exempt employee can legally have your pay docked. What is the reason she is taking the time off and is it for full or partial days? It makes a difference to the answer.

Say one of our sons were sick and she needed to leave to take him to the doctor. Let's say she worked over 4 hours in the last two days (two hours a day) on the third day she needs to take off. The way the have there schedule set up by right they owe her either 3 hours of overtime pay or comp time right. Or can they tell her she has to work 10 hour days 5 days a week minus the half an hour for lunch and not pay her or comp her for the other 5 hours a week.

Nope, wrong on the comp time/overtime question. Exempt employees never have to offered comp time; that is strictly up to the employer. Neither do they ever have to be paid overtime.

On the other hand, the advantage to the employee is that, especially under the situations you described, the employee must be paid the full day's salary even if only a partial day was worked. Since none of the situations you mention are FMLA-related, docking of a partial day's salary would not be allowed. Does the employer not offer any paid sick or vacation time that could be substituted? That would be permissible.

http://www.dol.gov/dol/allcfr/ESA/Title_29/Part_541/29CFR541.118.htm

She and I will get together tonight figure out all the details and then get to you. Thank you.