Paychex, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Income Taxes

Income Taxes	3 Months Ended
Aug. 31, 2021
Income Taxes [Abstract]
Income Taxes	Note I: Income Taxes The Company’s effective income tax rate was 24.9% and 23.4% for the three months ended August 31, 2021 and August 31, 2020, respectively. This increase was the result of an increase in state taxes. Both periods were impacted by the recognition of net discrete tax benefits related to employee stock-based compensation payments. ‎

Income Taxes

3 Months Ended

Aug. 31, 2021

Note I: Income Taxes

The Company’s effective income tax rate was 24.9% and 23.4% for the three months ended August 31, 2021 and August 31, 2020, respectively. This increase was the result of an increase in state taxes. Both periods were impacted by the recognition of net discrete tax benefits related to employee stock-based compensation payments.

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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