I'll attempt to explain some of the issues with the model posed in the question and some potential workarounds.
I'm writing a sci-fi story in which levitation is a thing. Newton's Third Law still holds, so if a 10kg object with a 0.5$m^2$ footprint was levitated, the floor below it would feel approx mgA−1 ≈ 296 Pa of pressure when stationary
The assumption here is that the "floor" is supplying the force(s) which keep the object in the air. IRL the floor supplies the force on the object which counteracts the gravitational force through very short range contact forces.
Levitation on the other hand does not use contact forces. In fact it can be produced by several forces IRL. Thrust for example involves a force produced by using Newton's Third Law in which mass is accelerated in the opposite direction to the desired force reaction.
Thrust is the reasons for which rockets work both in the atmosphere and in a vacuum. Note if thrust is used to keep the object levitated it is irrelevant what the exhaust is hitting since the exhaust itself is what keeps the object levitated, not the action of the exhaust hitting anything.
Aircraft on the other another hand rely on forces which result from the pressure differentials produced by moving airfoils through fluid-like media. Helicopters, for example hover over land and water just fine; they are held up through the action of the blades rotating through air which results in net force upwards on the blades which keeps the helicopter from falling. They are not kept in the air from the surface exerting a force upwards. Stand under a helicopter which is hovering overhead at 8000 ft and you will certainly not feel the weight of the helicopter.
Buoyant forces on the other hand are produced from the displacement of a volume of fluid caused by gravitational force on an object placed within the fluid. Buoyant forces are essentially contact forces in fluids. The magnitude of buoyant force is equal to the magnitude of gravitational force on the mass of the displaced fluid which depends on the density of the fluid.
So the question is, which force is causing the levitation?
The same levitation force would not hold this object in place over water, since the water would be displaced, energy being carried away by sideways movement of water. The water would move downwards due to the levitation force, and the levitating object would experience this as the floor dropping away.
This would only be relevant for buoyant-like forces. But buoyant forces rely on contact forces, so there must be some mechanism by which this "action at a distance" behaves like a contact force. If this is the case see @PcMan's answer, the object would behave like a boat, but for some reason be floating in the air above compressed water. There wouldn't be water spray do to the very short range contact forces involved.
If the levitating force behaves like thrust or a generated pressure differential in the air then what the water does below the object is not a concern.
How much force/power would be required to levitate a mass m object with footprint area A over a body of water?
Same minimum force required to levitate an object anywhere (mg). The power required depends on the mechanism which needs to be described to be calculated:
If contact forces are used then the power is zero (a box on top of a building does not expend any energy to stay there, neither do boats expend energy to float). If thrust is used then the energy required to produce the thrust which can vary greatly depending on the mechanism (see jet engines vs rockets). The lift produced by airfoils is dependent on the speed of the airfoil through the air and the angle of attack. The energy required to create these conditions depends on a lot of factors (see helicopters and airplanes). Note that hovercraft rely on built up pressures and thus are effectively are held up by contact forces.
Conclusion
Without knowing the mechanism by which the object levitates, the dynamics of the system can't be described. Levitation puts constraints of the force which the object must experience via Newton's second law, but does not explain how the force operates and how that force will affect the surroundings.
From what it sounds like you want (from the talk of water spray etc.) however, is a system in which a thrust like force results in levitation. To see the problems this poses, for a really simple model, the "exhaust" might be evenly spread over an area directly below the object. For example, if air one meter under the object is "magically" pulsed downward by the object to produce thrust with sufficient force to keep the object levitated, the acceleration of the air would calculated as follows:
$\rho V a = mg \quad \rightarrow \quad a_{air} = \frac{mg}{\rho V} = \frac{10 \cdot 10}{1 kg/m^{3} \cdot 0.5 m^{3}} \approx 200 \frac{m}{s^{2}}$
Clearly, using air would be a bad idea and would cause quite a splash (note this displacement of air would have to happen continuously for the object to float). You could increase the density of some downward ejected material but where would the material come from?