FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Stowe Martin
   2. Issuer Name and Ticker or Trading Symbol
PAYCHEX INC [PAYX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
V.P., Human Resource Services
(Last)
(First)
(Middle)
911 PANORAMA TRAIL SOUTH		 3. Date of Earliest Transaction (Month/Day/Year)
04/07/2006
(Street)

ROCHESTER, NY 14625		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 04/06/2006   M   1,500 A $ 11.6297 2,167 D  
Common Stock 04/07/2006   M   1,065 A $ 11.5309 3,232 D  
Common Stock 04/07/2006   S   1,065 D $ 40.78 2,167 D  
Common Stock 04/07/2006   S   1,500 D $ 40.78 667 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option $ 11.5309 04/07/2006   M     1,065 11/04/1998 11/04/2006 Common Stock 1,065 $ 40.78 0 D  
Stock Option $ 11.6297 04/07/2006   M     1,500 10/02/1999 10/02/2007 Common Stock 1,500 $ 40.78 1,538 D  
Stock Option $ 21.4583             07/08/2001 07/08/2009 Common Stock 2,400   2,400 D  
Stock Option $ 42.688             07/13/2002 07/13/2010 Common Stock 9,000   9,000 D  
Stock Option $ 40.86             07/12/2003 07/12/2011 Common Stock 6,000   6,000 D  
Stock Option $ 28.14             07/11/2004 07/11/2012 Common Stock 7,000   7,000 D  
Stock Option $ 29.55             07/10/2005 07/10/2013 Common Stock 7,500   7,500 D  
Stock Option $ 31.79             07/08/2006 07/08/2014 Common Stock 9,000   9,000 D  
Stock Option $ 33.68             07/07/2006 07/07/2015 Common Stock 13,000   13,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Stowe Martin
911 PANORAMA TRAIL SOUTH
ROCHESTER, NY 14625		       V.P., Human Resource Services  

Signatures

 Stephanie L. Schaeffer, Attorney-in-fact   04/07/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

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