content: SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
  
                                    FORM 8-K
  
                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
  
                       Date of Report:  October 1, 1998
                        (Date of earliest event reported)
  
                                  PAYCHEX, INC.
        (Exact name of registrant as specified in its charter)
  
          DELAWARE               0-11330                   16-1124166
  (State of incorporation)     (Commission               (IRS Employer
                               File Number)           Identification Number)
  
  911 PANORAMA TRAIL SOUTH, ROCHESTER, NEW YORK            14625-0397
  (Address of principal executive offices)                 (Zip Code)
  
                                  (716)385-6666
              (Registrant's telephone number, including area code)
  
  
  
  ITEM 5.  OTHER EVENTS
  The registrant's press release dated October 1, 1998, is attached.
  
                                   SIGNATURES
  
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  registrant has duly caused this report to be signed on its behalf by the
  undersigned thereunto duly authorized.
  
                                          PAYCHEX, INC.
  
  Date:     October 2, 1998               /s/ B. Thomas Golisano
                                          -----------------------
                                          B. Thomas Golisano
                                          Chairman, President and
                                          Chief Executive Officer
  
  Date:     October 2, 1998               /s/ John M. Morphy
                                          -----------------------
                                          John M. Morphy
                                          Vice President, Chief
                                          Financial Officer and
                                          Secretary
  <PAGE>
  FOR IMMEDIATE RELEASE
  
              John M. Morphy, Chief Financial Officer
              Paychex, Inc.       716-385-6666
  	          or
              Jan Shuler
              Paychex, Inc.       716-383-3406
              Access Paychex, Inc. News Releases on the WORLD WIDE WEB
              http://www.prnewswire.com
  
              PAYCHEX ANNOUNCES 50% INCREASE IN QUARTERLY DIVIDEND
  
  
       ROCHESTER, N.Y., October 1, 1998 - The Board of Directors of Paychex,
  Inc. (NASDAQ-PAYX) has declared a 50% increase in the company's quarterly
  dividend from $.06 per share to $.09 per share payable November 16, 1998 to
  shareholders of record November 2, 1998.
  
       Tom Golisano, Chairman and Chief Executive Officer, commented that the
  dividend increase is a result of continued earnings gains, confidence in
  the future and our strong cash position.
  
       The Company also announced the retirement of Edmund S. Russo, Vice
  President, Operations, effective January 31, 1999.  Mr. Russo joined Paychex
  on January 19, 1987, having been a vice president with Bank of America.  He
  served as Regional Manager and Vice President, Western Operations until
  September 6, 1994, when he was named to his current position.  He was voted an
  officer of the Company at the same time.
  
       During June of 1998, in anticipation of Ed Russo's retirement and in
  recognition of the growth of Branch Operations, Paychex created two Area Vice
  President positions, Donald Mersch Area Vice President - Western Operations
  and Vincent Tarquin Area Vice President - Eastern Operations.  Mr. Tarquin
  will also oversee Corporate Operations functions.  In combination, Messers
  Mersch and Tarquin have over 25 years experience with Paychex, having risen
  through the ranks from Branch Manager to their current positions.  The Area
  Vice Presidents will report directly to the CEO.
  
       Paychex, Inc. is a national provider of payroll processing, human
  resource and benefits outsourcing solutions for small to medium-sized
  businesses.  The company is a leading U.S. payroll processor with a
  comprehensive product offering including payroll tax returns, direct deposit
  and other payroll services.  The human resource and benefits outsourcing
  services include a professional employer organization ("PEO"), 401(k)
  recordkeeping, section 125 cafeteria plans and employee handbooks.
  
       Paychex Inc. was founded in 1971. Headquartered in Rochester, New York,
  the company has over 100 locations and serves more than 300,000 clients
  nationwide.
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text: SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
  
                                    FORM 8-K
  
                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934
  
                       Date of Report:  October 1, 1998
                        (Date of earliest event reported)
  
                                  PAYCHEX, INC.
        (Exact name of registrant as specified in its charter)
  
          DELAWARE               0-11330                   16-1124166
  (State of incorporation)     (Commission               (IRS Employer
                               File Number)           Identification Number)
  
  911 PANORAMA TRAIL SOUTH, ROCHESTER, NEW YORK            14625-0397
  (Address of principal executive offices)                 (Zip Code)
  
                                  (716)385-6666
              (Registrant's telephone number, including area code)
  
  ITEM 5.  OTHER EVENTS
  The registrant's press release dated October 1, 1998, is attached.
  
                                   SIGNATURES
  
  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  registrant has duly caused this report to be signed on its behalf by the
  undersigned thereunto duly authorized.
  
                                          PAYCHEX, INC.
  
  Date:     October 2, 1998               /s/ B. Thomas Golisano
                                          -----------------------
                                          B. Thomas Golisano
                                          Chairman, President and
                                          Chief Executive Officer
  
  Date:     October 2, 1998               /s/ John M. Morphy
                                          -----------------------
                                          John M. Morphy
                                          Vice President, Chief
                                          Financial Officer and
                                          Secretary
  FOR IMMEDIATE RELEASE
  
              John M. Morphy, Chief Financial Officer
              Paychex, Inc.       716-385-6666
  	          or
              Jan Shuler
              Paychex, Inc.       716-383-3406
              Access Paychex, Inc. News Releases on the WORLD WIDE WEB
              http://www.prnewswire.com
  
              PAYCHEX ANNOUNCES 50% INCREASE IN QUARTERLY DIVIDEND
  
       ROCHESTER, N.Y., October 1, 1998 - The Board of Directors of Paychex,
  Inc. (NASDAQ-PAYX) has declared a 50% increase in the company's quarterly
  dividend from $.06 per share to $.09 per share payable November 16, 1998 to
  shareholders of record November 2, 1998.
  
       Tom Golisano, Chairman and Chief Executive Officer, commented that the
  dividend increase is a result of continued earnings gains, confidence in
  the future and our strong cash position.
  
       The Company also announced the retirement of Edmund S. Russo, Vice
  President, Operations, effective January 31, 1999.  Mr. Russo joined Paychex
  on January 19, 1987, having been a vice president with Bank of America.  He
  served as Regional Manager and Vice President, Western Operations until
  September 6, 1994, when he was named to his current position.  He was voted an
  officer of the Company at the same time.
  
       During June of 1998, in anticipation of Ed Russo's retirement and in
  recognition of the growth of Branch Operations, Paychex created two Area Vice
  President positions, Donald Mersch Area Vice President - Western Operations
  and Vincent Tarquin Area Vice President - Eastern Operations.  Mr. Tarquin
  will also oversee Corporate Operations functions.  In combination, Messers
  Mersch and Tarquin have over 25 years experience with Paychex, having risen
  through the ranks from Branch Manager to their current positions.  The Area
  Vice Presidents will report directly to the CEO.
  
       Paychex, Inc. is a national provider of payroll processing, human
  resource and benefits outsourcing solutions for small to medium-sized
  businesses.  The company is a leading U.S. payroll processor with a
  comprehensive product offering including payroll tax returns, direct deposit
  and other payroll services.  The human resource and benefits outsourcing
  services include a professional employer organization ("PEO"), 401(k)
  recordkeeping, section 125 cafeteria plans and employee handbooks.
  
       Paychex Inc. was founded in 1971. Headquartered in Rochester, New York,
  the company has over 100 locations and serves more than 300,000 clients
  nationwide.