I found this on wiki answers, for what its worth.
As of 2006, the pay was $4,700 per week for the 17 weeks of the season
(about $85,000). Practice squad players do not receive fringe benefits
like the roster players...
The minimum salary from 2009-2010 is $5,200 per week for 17 weeks,
or $88,400 per season, in comparison to the NFL minimum rookie salary
of $285,000. (Some practice squad players are paid considerably more,
however. In 2006, the New England Patriots paid third-year player Billy
Yates the full $425,000 he would have earned on the active roster.)
Season 06-07 $4,700/week
Season 08-10 $5,200/week
From Article XXXIV, Section 3 of the NFL collective bargaining agreement.
I have a friend on the Chicago Bears practice squad and he makes $90,000 per year.