Are you scheduled to work on the upcoming holiday? Not sure about what you'll get paid? If you work for the Federal Government, you'll get nine paid holidays each year. Many private employers follow the same holiday schedule and also provide holiday days off or holiday pay for working on a holiday.
However, employers are not required to pay extra (time and a half or double time, for example) for working on a holiday unless you have a contract that stipulates holiday pay. Companies aren't required to give you the holiday off from work either.
As far as timing, when a holiday falls on a weekend, the holiday is usually observed on Monday if the holiday falls on Sunday and usually observed on Friday if the holiday falls on Saturday.
Companies usually publish a list of holidays they observe at the beginning of each year. Check with your manager or your Human Resources department to get an upcoming holiday schedule for the current year or future years.
Here's a list of upcoming 2012 federal holidays.