EXHIBIT 21: SUBSIDIARIES OF THE REGISTRANT SUBSIDIARIES OF PAYCHEX, INC. AS OF MAY 31, 2003 JURISDICTION OF NAME OF SUBSIDIARIES INCORPORATION - -------------------- --------------- Advantage Payroll Services, Inc. Delaware Business Benefits Administrators, Inc. Massachusetts InterPay, Inc. (1) Massachusetts Paychex Agency, Inc. New York Paychex Business Solutions, Inc. Florida Paychex Investment Partnership LP (2) Delaware Paychex Management Corporation New York Paychex of New York LLC (3) Delaware Paychex North America Inc. Delaware Paychex Securities Corporation New York PXCI Inc. New York Rapid Payroll, Inc. California (1) InterPay, Inc. is 100% owned by Business Benefits Administrators, Inc. (2) Paychex Investment Partnership LP is 1% owned by Paychex, Inc. and 99% owned by PXCI Inc. (3) Paychex of New York LLC is 100% owned by Paychex Investment Partnership LP Certain subsidiaries, which considered in the aggregate as a single subsidiary, that would not constitute a significant subsidiary, per Regulation S-X, Article 1, as of May 31, 2003, have been omitted from this exhibit.