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 *
MUCCI MARTIN
   2. Issuer Name and Ticker or Trading Symbol
PAYCHEX INC [PAYX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
CEO & President
(Last)
(First)
(Middle)
911 PANORAMA TRAIL S.		 3. Date of Earliest Transaction (Month/Day/Year)
04/16/2012
(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 04/16/2012   M   15,000 A $ 28.14 77,166 D  
Common Stock 04/16/2012   S   15,000 D $ 31.01 62,166 D  
Common Stock               3,285 I 401(k)

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 $ 28.14 04/16/2012   M     15,000 (1) 07/11/2004 07/11/2012 Common Stock 15,000 $ 0 0 D  
Stock Option $ 29.55             07/10/2005 07/10/2013 Common Stock 25,000   25,000 D  
Stock Option $ 31.79             07/08/2006 07/08/2014 Common Stock 30,000   30,000 D  
Stock Option $ 33.68             07/07/2006 07/07/2015 Common Stock 50,000   50,000 D  
Stock Option $ 36.87             07/13/2007 07/13/2016 Common Stock 30,000   30,000 D  
Stock Option $ 43.91             07/17/2008 07/17/2017 Common Stock 30,000   30,000 D  
Stock Option $ 31.95             07/10/2009 07/09/2018 Common Stock 40,000   40,000 D  
Stock Option $ 31.95             07/10/2009 07/09/2018 Common Stock 12,675   12,675 D  
Stock Option $ 24.21             07/09/2010 07/08/2019 Common Stock 63,290   63,290 D  
Stock Option $ 26.02             07/07/2011 07/06/2020 Common Stock 29,786   29,786 D  
Stock Option $ 27.28             10/13/2011 10/12/2020 Common Stock 154,591   154,591 D  
Stock Option $ 31.34             07/06/2012 07/05/2021 Common Stock 206,422   206,422 D  
Stock Option $ 31.63             07/07/2014 07/06/2021 Common Stock 500,000   500,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MUCCI MARTIN
911 PANORAMA TRAIL S.
ROCHESTER, NY 14625		   X     CEO & President  

Signatures

 Stephanie L. Schaeffer, Attorney-in-fact   04/16/2012
**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).
(1) Exercise of stock options approaching 10-year expiration date.

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