Re-negotiating Compensation

I am currently working as a nanny for two boys (ages 4 1/2 and 2 1/2) and my contract renewal date is coming up in a few weeks. I would like to negotiate a higher salary, right now I'm being paid $400 gross pay per week which breaks down to: $7.25/hour for 40 hours with time and a half for the remaining 10. I would like to request $10 an hour base pay which would amount to $550 gross pay per week. Does this seem reasonable? What is the best way to bring this up with my employer?

If it matters any, I have an Associate's Degree in Social Science; have worked for several years in the child care field; and have proven myself to be a reliable and trustworthy care taker. In addition to taking care of the boys I also do laundry; load/unload the dishwasher; clean up after the dogs; as well as any other "chores" my boss requests.

Please let me know if I'm being unreasonable and should lower my expectations or if I'm not being unreasonable then please let me know a good way to bring this up during our review.

I absolutely do not think that is an unfair request. There are many families out there that are paying upwards of $12.00 to $16.00 an hour in the Riverside and Orange County area. They just don't want to pay, period! I have been insulted by people who live in amazingly fabulous homes and both parents drive BMW's with expensive furniture, and although it's not fair to judge by the exterior, you can not tell me that they can only afford $10.00 an hour. People are cheap, and demean the importance of what we do in a 10 hour day. Please, keep your options opened, and be looking for another job on the QT. They said it's easier to find a job when you already have one.
Make your fair offer, and if they refuse, or give you a pathetic excuse, don't say a word, just begin looking.

Pinkrose, I am in the same situation. Just passed the end of my one-year contract without any acknowledgment. From what I gather on other sites and from the woman who runs the nanny agency I work through, it is standard to offer a 5% raise or a bonus of one to two weeks' pay for staying a whole year.

Absolutely ask for a raise. In my opinion you are being underpaid. I own a nanny placement agency south of boston.