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:  June 27, 2000
                       (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 has attached a schedule presenting quarterly financial data for
  the fiscal years ended May 31, 2000 and 1999.  On May 22, 2000, Paychex, Inc.
  distributed a 3-for-2 stock split in the form of a 50% stock dividend on
  outstanding shares as of May 12, 2000.  The quarterly financial information
  presented has been adjusted for the 3-for-2 stock split distributed on May 22,
  2000.  As a result, basic and diluted earnings per share, cash dividends
  declared per common share, weighted-average shares outstanding and
  weighted-average shares assuming dilution have been adjusted to reflect the
  aforementioned split.
  
  The registrant has also attached a schedule of quarterly segment financial data
  for the years ended May 31, 2000 and 1999.  In fiscal 2000, the Company began
  allocating a portion of operating facilities costs from the Payroll segment to
  the HRS-PEO segment.  The quarterly and full year results from 2000 and 1999
  have been restated to reflect this allocation with no impact on total Segment
  operating income.
  
                                   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:     June 27, 2000                 /s/ B. Thomas Golisano
                                          -----------------------
                                          B. Thomas Golisano
                                          Chairman, President and
                                          Chief Executive Officer
  
  Date:     June 27, 2000                 /s/ John M. Morphy
                                          -----------------------
                                          John M. Morphy
                                          Vice President, Chief
                                          Financial Officer and
                                          Secretary
  
  
  On May 22, 2000, Paychex, Inc. distributed a 3-for-2 stock split effected in
  the form of a 50% stock dividend on outstanding shares as of May 12, 2000.  As
  a result, basic and diluted earnings per share, cash dividends per common
  share, weighted-average shares outstanding and weighted-average shares assuming
  dilution displayed below have been adjusted to reflect the aforementioned stock
  split.  Each quarter is a discrete period and the sum of the quarters' basic
  and diluted earnings per share amounts may not equal the year-to-date amounts.
  
  <TABLE>
  <CAPTION>
                       QUARTERLY FINANCIAL DATA (UNAUDITED)
                      In thousands, except per share amounts
  ________________________________________________________________________________
  Fiscal 2000                 August   November    February        May      Year
                                  31,        30,         29,        31,
                            ______________________________________________________
  <S>                       <C>         <C>        <C>         <C>        <C>
  Service revenues:
    Payroll                 $150,919    $154,899    $171,821   $175,606   $653,245
    HRS-PEO (A)               15,473      17,459      20,362     21,580     74,874
                            --------    --------    --------   --------   --------
    Total service revenues   166,392     172,358     192,183    197,186    728,119
  Operating costs             39,366      41,356      45,964     46,795    173,481
  SG&A expenses               68,342      68,494      78,316     80,593    295,745
                            --------    --------    --------   --------   --------
  Operating income            58,684      62,508      67,903     69,798    258,893
  Investment income            3,688       3,854       4,012      4,925     16,479
                            --------    --------    --------   --------   --------
  Income before income
    taxes                     62,372      66,362      71,915     74,723    275,372
  Income taxes                19,335      20,572      22,294     23,164     85,365
                            --------    --------    --------   --------   --------
  Net income                $ 43,037    $ 45,790    $ 49,621   $ 51,559   $190,007
                            ========    ========    ========   ========   ========
  Basic earnings per share  $    .12    $    .12    $    .13   $    .14   $    .51
                            ========    ========    ========   ========   ========
  Diluted earnings per
    share                   $    .12    $    .12    $    .13   $    .14   $    .51
                            ========    ========    ========   ========   ========
  Weighted-average common
    shares outstanding       369,627     370,258     370,972    371,576    370,603
                            ========    ========    ========   ========   ========
  Weighted-average shares
    assuming dilution        373,493     374,717     377,723    376,407    375,081
                            ========    ========    ========   ========   ========
  Cash dividends per
    common share            $    .04    $    .06    $    .06   $    .06   $    .22
                            ========    ========    ========   ========   ========
  </TABLE>
  
  
  
  <TABLE>
  <CAPTION>
  ________________________________________________________________________________
  Fiscal 1999                August     November   February        May        Year
                                 31,          30,        28,        31,
                           _______________________________________________________
  <S>                       <C>         <C>         <C>        <C>        <C>
  Service revenues:
    Payroll                 $127,982    $131,035    $144,257   $141,975   $545,249
    HRS-PEO (A)               11,307      11,913      14,166     14,661     52,047
                            --------    --------    --------   --------   --------
    Total service revenues   139,289     142,948     158,423    156,636    597,296
  
  Operating costs             35,885      36,863      40,989     38,219    151,956
  SG&A expenses               61,761      61,089      68,941     65,987    257,778
                            --------    --------    --------    -------   --------
  Operating income            41,643      44,996      48,493     52,430    187,562
  Investment income            2,961       3,006       3,073      3,541     12,581
                            --------    --------    --------   --------   --------
  Income before income
    taxes                     44,604      48,002      51,566     55,971    200,143
  Income taxes                13,203      14,394      15,366     18,081     61,044
                            --------    --------    --------   --------   --------
  Net income                $ 31,401    $ 33,608    $ 36,200   $ 37,890   $139,099
                            ========    ========    ========   ========   ========
  Basic earnings per share  $    .09    $    .09    $    .10   $    .10   $    .38
                            ========    ========    ========   ========   ========
  Diluted earnings per
    share                   $    .08    $    .09    $    .10   $    .10   $    .37
                            ========    ========    ========   ========   ========
  Weighted-average common
    shares outstanding       367,374     367,942     368,540    369,229    368,282
                            ========    ========    ========   ========   ========
  Weighted-average shares
    assuming dilution        372,432     373,196     373,401    373,654    373,182
                            ========    ========    ========   ========   ========
  Cash dividends per
    common share            $    .03    $    .04    $    .04   $    .04   $    .15
                            ========    ========    ========   ========   ========
  
  <FN>
  
  (A) Net of PEO direct costs billed and incurred of $160,987, $161,056,
  $193,047, and $216,176 for the three months ended August 31, 1999, November 30,
  1999, February 29, 2000, and May 31, 2000, respectively, and $142,498, $139,033,
  $148,292, and $148,309 for the three months ended August 31, 1998, November 30,
  1998, February 28, 1999, and May 31, 1999, respectively.  PEO direct costs
  billed to clients are equal to PEO direct costs incurred for the wages and
  payroll taxes of worksite employees and their related benefit premiums and
  claims.
  </FN>
  </TABLE>
  
  
  In fiscal 2000, the Company began to allocate a portion of the operating
  facilities costs from the Payroll Segment to the HRS-PEO Segment.  Prior period
  Payroll and HRS-PEO segment operating income amounts have been restated to
  reflect this allocation with no impact on total Segment operating income.  The
  amounts of these facilities allocations are approximately $412,500 per quarter
  and $1,650,000 for the year for fiscal 2000, and approximately $381,500 per
  quarter and $1,526,000 for the year for fiscal 1999.
  
  <TABLE>
  <CAPTION>
                   QUARTERLY SEGMENT FINANCIAL DATA (UNAUDITED)
                                   In thousands
  ________________________________________________________________________________
  Fiscal 2000                August    November    February         May       Year
                                 31,         30,         29,         31,
                           _______________________________________________________
  <S>                       <C>         <C>         <C>        <C>        <C>
  Service revenues:
    Payroll                 $150,919    $154,899    $171,821   $175,606   $653,245
    HRS-PEO (A)               15,473      17,459      20,362     21,580     74,874
                            --------    --------    --------   --------   --------
    Total service revenues  $166,392    $172,358    $192,183   $197,186   $728,119
                            ========    ========    ========   ========   ========
  ENS Investment revenue
    included in payroll:    $ 12,207    $ 12,033    $ 16,355   $ 18,205   $ 58,800
                            ========    ========    ========   ========   ========
  Operating income:
    Payroll                 $ 72,184    $ 72,567    $ 77,683   $ 80,926   $303,360
    HRS-PEO                    4,504       5,729       6,831      6,331     23,395
                            --------    --------    --------   --------   --------
    Segment operating
      income                  76,688      78,296      84,514     87,257    326,755
    Corporate Expenses        18,004      15,788      16,611     17,459     67,862
                            --------    --------    --------   --------   --------
    Total operating income    58,684      62,508      67,903     69,798    258,893
  Investment income            3,688       3,854       4,012      4,925     16,479
                            --------    --------    --------   --------   --------
  Income before income
    taxes                   $ 62,372    $ 66,362    $ 71,915   $ 74,723   $275,372
                            ========    ========    ========   ========   ========
  </TABLE>
  
  <TABLE>
  <CAPTION>
  ________________________________________________________________________________
  Fiscal 1999               August     November    February        May       Year
                                31,          30,         28,        31,
                           _______________________________________________________
  <S>                       <C>         <C>         <C>        <C>        <C>
  Service revenues:
    Payroll                 $127,982    $131,035    $144,257   $141,975   $545,249
    HRS-PEO (A)               11,307      11,913      14,166     14,661     52,047
                            --------    --------    --------   --------   --------
    Total service revenues  $139,289    $142,948    $158,423   $156,636   $597,296
                            ========    ========    ========   ========   ========
  ENS Investment revenue
    included in payroll:    $ 11,776    $ 11,984    $ 14,775   $ 13,800   $ 52,335
                            ========    ========    ========   ========   ========
  Operating income:
    Payroll                 $ 54,269    $ 57,056    $ 61,375   $ 64,536   $237,236
    HRS-PEO                    2,230       2,194       2,854      3,794     11,072
                            --------    --------    --------   --------   --------
    Segment operating
      income                  56,499      59,250      64,229     68,330    248,308
    Corporate Expenses        14,856      14,254      15,736     15,900     60,746
                            --------    --------    --------   --------   --------
    Total operating income    41,643      44,996      48,493     52,430    187,562
  Investment income            2,961       3,006       3,073      3,541     12,581
                            --------    --------    --------   --------   --------
  Income before income
    taxes                   $ 44,604    $ 48,002    $ 51,566   $ 55,971   $200,143
                            ========    ========    ========   ========   ========
  <FN>
  
  (A)  Net of PEO direct costs billed and incurred of $160,987, $161,056,
  $193,047, and $216,176 for the three months ended August 31, 1999, November 30,
  1999, February 29, 2000, and May 31, 2000, respectively, and $142,498, $139,033,
  $148,292, and $148,309 for the three months ended August 31, 1998, November 30,
  1998, February 28, 1999, and May 31, 1999, respectively.  PEO direct costs
  billed to clients are equal to PEO direct costs incurred for the wages and
  payroll taxes of worksite employees and their related benefit premiums and
  claims.
  
  </FN>
  </TABLE>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "0001.txt", "description": "FORM 8-K", "secsgml_size_bytes": 14481}]
metadata_filer: {"company-data": {"conformed-name": "PAYCHEX INC", "cik": "0000723531", "assigned-sic": "8700", "irs-number": "161124166", "state-of-incorporation": "DE", "fiscal-year-end": "0531"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-11330", "film-number": "661248"}, "business-address": {"street1": "911 PANORAMA TRAIL S", "city": "ROCHESTER", "state": "NY", "zip": "14625-0397", "phone": "7163856666"}, "mail-address": {"street1": "911 PANORAMA TRAIL SOUTH", "city": "ROCHESTER", "state": "NY", "zip": "14625-0397"}}
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:  June 27, 2000
                       (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 has attached a schedule presenting quarterly financial data for
  the fiscal years ended May 31, 2000 and 1999.  On May 22, 2000, Paychex, Inc.
  distributed a 3-for-2 stock split in the form of a 50% stock dividend on
  outstanding shares as of May 12, 2000.  The quarterly financial information
  presented has been adjusted for the 3-for-2 stock split distributed on May 22,
  2000.  As a result, basic and diluted earnings per share, cash dividends
  declared per common share, weighted-average shares outstanding and
  weighted-average shares assuming dilution have been adjusted to reflect the
  aforementioned split.
  
  The registrant has also attached a schedule of quarterly segment financial data
  for the years ended May 31, 2000 and 1999.  In fiscal 2000, the Company began
  allocating a portion of operating facilities costs from the Payroll segment to
  the HRS-PEO segment.  The quarterly and full year results from 2000 and 1999
  have been restated to reflect this allocation with no impact on total Segment
  operating income.
  
                                   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:     June 27, 2000                 /s/ B. Thomas Golisano
                                          -----------------------
                                          B. Thomas Golisano
                                          Chairman, President and
                                          Chief Executive Officer
  
  Date:     June 27, 2000                 /s/ John M. Morphy
                                          -----------------------
                                          John M. Morphy
                                          Vice President, Chief
                                          Financial Officer and
                                          Secretary
  
  On May 22, 2000, Paychex, Inc. distributed a 3-for-2 stock split effected in
  the form of a 50% stock dividend on outstanding shares as of May 12, 2000.  As
  a result, basic and diluted earnings per share, cash dividends per common
  share, weighted-average shares outstanding and weighted-average shares assuming
  dilution displayed below have been adjusted to reflect the aforementioned stock
  split.  Each quarter is a discrete period and the sum of the quarters' basic
  and diluted earnings per share amounts may not equal the year-to-date amounts.
  QUARTERLY FINANCIAL DATA (UNAUDITED)
                      In thousands, except per share amounts
  ________________________________________________________________________________
  Fiscal 2000                 August   November    February        May      Year
                                  31,        30,         29,        31,
                            ______________________________________________________
  Service revenues:
    Payroll                 $150,919    $154,899    $171,821   $175,606   $653,245
    HRS-PEO (A)               15,473      17,459      20,362     21,580     74,874
                            --------    --------    --------   --------   --------
    Total service revenues   166,392     172,358     192,183    197,186    728,119
  Operating costs             39,366      41,356      45,964     46,795    173,481
  SG&A expenses               68,342      68,494      78,316     80,593    295,745
                            --------    --------    --------   --------   --------
  Operating income            58,684      62,508      67,903     69,798    258,893
  Investment income            3,688       3,854       4,012      4,925     16,479
                            --------    --------    --------   --------   --------
  Income before income
    taxes                     62,372      66,362      71,915     74,723    275,372
  Income taxes                19,335      20,572      22,294     23,164     85,365
                            --------    --------    --------   --------   --------
  Net income                $ 43,037    $ 45,790    $ 49,621   $ 51,559   $190,007
                            ========    ========    ========   ========   ========
  Basic earnings per share  $    .12    $    .12    $    .13   $    .14   $    .51
                            ========    ========    ========   ========   ========
  Diluted earnings per
    share                   $    .12    $    .12    $    .13   $    .14   $    .51
                            ========    ========    ========   ========   ========
  Weighted-average common
    shares outstanding       369,627     370,258     370,972    371,576    370,603
                            ========    ========    ========   ========   ========
  Weighted-average shares
    assuming dilution        373,493     374,717     377,723    376,407    375,081
                            ========    ========    ========   ========   ========
  Cash dividends per
    common share            $    .04    $    .06    $    .06   $    .06   $    .22
                            ========    ========    ========   ========   ========
  ________________________________________________________________________________
  Fiscal 1999                August     November   February        May        Year
                                 31,          30,        28,        31,
                           _______________________________________________________
  Service revenues:
    Payroll                 $127,982    $131,035    $144,257   $141,975   $545,249
    HRS-PEO (A)               11,307      11,913      14,166     14,661     52,047
                            --------    --------    --------   --------   --------
    Total service revenues   139,289     142,948     158,423    156,636    597,296
  
  Operating costs             35,885      36,863      40,989     38,219    151,956
  SG&A expenses               61,761      61,089      68,941     65,987    257,778
                            --------    --------    --------    -------   --------
  Operating income            41,643      44,996      48,493     52,430    187,562
  Investment income            2,961       3,006       3,073      3,541     12,581
                            --------    --------    --------   --------   --------
  Income before income
    taxes                     44,604      48,002      51,566     55,971    200,143
  Income taxes                13,203      14,394      15,366     18,081     61,044
                            --------    --------    --------   --------   --------
  Net income                $ 31,401    $ 33,608    $ 36,200   $ 37,890   $139,099
                            ========    ========    ========   ========   ========
  Basic earnings per share  $    .09    $    .09    $    .10   $    .10   $    .38
                            ========    ========    ========   ========   ========
  Diluted earnings per
    share                   $    .08    $    .09    $    .10   $    .10   $    .37
                            ========    ========    ========   ========   ========
  Weighted-average common
    shares outstanding       367,374     367,942     368,540    369,229    368,282
                            ========    ========    ========   ========   ========
  Weighted-average shares
    assuming dilution        372,432     373,196     373,401    373,654    373,182
                            ========    ========    ========   ========   ========
  Cash dividends per
    common share            $    .03    $    .04    $    .04   $    .04   $    .15
                            ========    ========    ========   ========   ========
  (A) Net of PEO direct costs billed and incurred of $160,987, $161,056,
  $193,047, and $216,176 for the three months ended August 31, 1999, November 30,
  1999, February 29, 2000, and May 31, 2000, respectively, and $142,498, $139,033,
  $148,292, and $148,309 for the three months ended August 31, 1998, November 30,
  1998, February 28, 1999, and May 31, 1999, respectively.  PEO direct costs
  billed to clients are equal to PEO direct costs incurred for the wages and
  payroll taxes of worksite employees and their related benefit premiums and
  claims.
  In fiscal 2000, the Company began to allocate a portion of the operating
  facilities costs from the Payroll Segment to the HRS-PEO Segment.  Prior period
  Payroll and HRS-PEO segment operating income amounts have been restated to
  reflect this allocation with no impact on total Segment operating income.  The
  amounts of these facilities allocations are approximately $412,500 per quarter
  and $1,650,000 for the year for fiscal 2000, and approximately $381,500 per
  quarter and $1,526,000 for the year for fiscal 1999.
  QUARTERLY SEGMENT FINANCIAL DATA (UNAUDITED)
                                   In thousands
  ________________________________________________________________________________
  Fiscal 2000                August    November    February         May       Year
                                 31,         30,         29,         31,
                           _______________________________________________________
  Service revenues:
    Payroll                 $150,919    $154,899    $171,821   $175,606   $653,245
    HRS-PEO (A)               15,473      17,459      20,362     21,580     74,874
                            --------    --------    --------   --------   --------
    Total service revenues  $166,392    $172,358    $192,183   $197,186   $728,119
                            ========    ========    ========   ========   ========
  ENS Investment revenue
    included in payroll:    $ 12,207    $ 12,033    $ 16,355   $ 18,205   $ 58,800
                            ========    ========    ========   ========   ========
  Operating income:
    Payroll                 $ 72,184    $ 72,567    $ 77,683   $ 80,926   $303,360
    HRS-PEO                    4,504       5,729       6,831      6,331     23,395
                            --------    --------    --------   --------   --------
    Segment operating
      income                  76,688      78,296      84,514     87,257    326,755
    Corporate Expenses        18,004      15,788      16,611     17,459     67,862
                            --------    --------    --------   --------   --------
    Total operating income    58,684      62,508      67,903     69,798    258,893
  Investment income            3,688       3,854       4,012      4,925     16,479
                            --------    --------    --------   --------   --------
  Income before income
    taxes                   $ 62,372    $ 66,362    $ 71,915   $ 74,723   $275,372
                            ========    ========    ========   ========   ========
  ________________________________________________________________________________
  Fiscal 1999               August     November    February        May       Year
                                31,          30,         28,        31,
                           _______________________________________________________
  Service revenues:
    Payroll                 $127,982    $131,035    $144,257   $141,975   $545,249
    HRS-PEO (A)               11,307      11,913      14,166     14,661     52,047
                            --------    --------    --------   --------   --------
    Total service revenues  $139,289    $142,948    $158,423   $156,636   $597,296
                            ========    ========    ========   ========   ========
  ENS Investment revenue
    included in payroll:    $ 11,776    $ 11,984    $ 14,775   $ 13,800   $ 52,335
                            ========    ========    ========   ========   ========
  Operating income:
    Payroll                 $ 54,269    $ 57,056    $ 61,375   $ 64,536   $237,236
    HRS-PEO                    2,230       2,194       2,854      3,794     11,072
                            --------    --------    --------   --------   --------
    Segment operating
      income                  56,499      59,250      64,229     68,330    248,308
    Corporate Expenses        14,856      14,254      15,736     15,900     60,746
                            --------    --------    --------   --------   --------
    Total operating income    41,643      44,996      48,493     52,430    187,562
  Investment income            2,961       3,006       3,073      3,541     12,581
                            --------    --------    --------   --------   --------
  Income before income
    taxes                   $ 44,604    $ 48,002    $ 51,566   $ 55,971   $200,143
                            ========    ========    ========   ========   ========
  (A)  Net of PEO direct costs billed and incurred of $160,987, $161,056,
  $193,047, and $216,176 for the three months ended August 31, 1999, November 30,
  1999, February 29, 2000, and May 31, 2000, respectively, and $142,498, $139,033,
  $148,292, and $148,309 for the three months ended August 31, 1998, November 30,
  1998, February 28, 1999, and May 31, 1999, respectively.  PEO direct costs
  billed to clients are equal to PEO direct costs incurred for the wages and
  payroll taxes of worksite employees and their related benefit premiums and
  claims.