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, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note I: Income Taxes The Company’s effective income tax rate was 22.9% and 24.9% for the three months ended August 31, 2022 and 2021, respectively. All periods were impacted by the recognition of excess tax benefits related to employee stock-based compensation payments. The effective income tax rate for the three months ended August 31, 2021 was also impacted by an increase in state taxes.

Income Taxes

3 Months Ended

Aug. 31, 2022

Note I: Income Taxes

The Company’s effective income tax rate was 22.9% and 24.9% for the three months ended August 31, 2022 and 2021, respectively. All periods were impacted by the recognition of excess tax benefits related to employee stock-based compensation payments. The effective income tax rate for the three months ended August 31, 2021 was also impacted by an increase in state taxes.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details