Hi Mike,
There are some functions in the formula to work with weekdays, These should help you build the formula for both months. Here is my attempt without testing on data.
This month:
WeekdayAdd(ToWeekdayN(todate(totext(month(today()) &"/"& [Payday] &"/"& year(Today())))),7)
For next month, Add a month to Today, could result in next year.
If(month(today())=12,
WeekdayAdd(ToWeekdayN(todate(totext(1 &"/"& [Payday] &"/"& year(Today())+1))),7),
WeekdayAdd(ToWeekdayN(todate(totext(month(today())+1 &"/"& [Payday] &"/"& year(Today())))),7)
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WeekdayAdd (Date d, Number n)
Description: Returns the date that is n weekdays past the given date d. n may be negative to move backward in time.
Example: WeekdayAdd([Start], [Duration]) returns the date that results if you add the value in the Duration field to the date in the Start field and count only weekdays.
WeekdayAdd(ToDate("6/20/2003"), 2) returns 6/24/2003
WeekdayAdd(ToDate("6/24/2003"), -2) returns 6/20/2003
If you have a date field named "Start Date" and that field has a value of 6/23/2003, then WeekdayAdd([Start Date], -2) returns 6/20/2003
ToWeekdayN (Date d)
Description: If the given date d is a weekday returns it, otherwise returns the next occurring weekday.
Example: To WeekdayN([Order Date]) returns the date in the Order Date field if it's a weekday. If not, it returns the date of the next weekday.
ToWeekdayN(ToDate("6/21/2003")) returns 6/23/2003