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Running costs for pro studios run at about $100/hr with engineer, and then there's the cost of studio musicians on top of that. So, about $1000 a day. These are the studios that the majors use for commercial release. Then it goes all the way down to about $20/hr for a guy with a small "home-style" studio, who will play some or all of the instruments and work your song up for you. Understandibly, there is a great difference in quality of workmanship, and you need to pick and choose wisely for the intent ot what you're doing with the material.
There are union rates, but they generally only apply to the symphony orchestras, the pit guys in a musical/opera/ballet, and anyone else who is "properly" employed on a full time basis in a "real" musical job. Otherwise, it's all negociable, and generally speaking, the charge rate of the studio guys will be well above whatever the recommended hourly rate determined by the union.
PS - I argee with Jim here, that if you write the song, book the studio time, hire the musicians ( including the vocalist ) and produce the number, it's your property, full stop.
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