EXHIBIT 21: SUBSIDIARIES OF THE REGISTRANT SUBSIDIARIES OF PAYCHEX, INC. AS OF MAY 31, 1998 Jurisdiction of Name of Subsidiaries Incorporation - -------------------- --------------- Paychex Management Corporation New York Paychex Securities Corporation New York Rapid Payroll, Inc. California Paychex Business Solutions, Inc. Florida Paychex Agency, Inc. New York The names of certain subsidiaries have been omitted in accordance with SEC reg. S-K 601(21)(ii) because they do not, in the aggregate, constitute a "significant subsidiary" of Paychex, Inc.