Company: PAYX
Filing Date: 2025-04-09
Form Type: 424B2
Source: 0001193125-25-076822
Chunk: 44

Company: PAYCHEX INC
Filing Date: 2025-04-09
Form: 424B2
Chunk 44
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 notes at the “issue price,” which will equal                                                                                                                                            
 the first price to the public (not including bond houses, brokers or similar persons or organizations acting in the capacity of underwriters, placement agents or wholesalers) at which a substantial amount of the notes is sold for money; and |

| • |     | they are held as capital assets within the meaning of Section 1221 of the Internal Revenue Code of 1986, as 
 amended (the “Code”).                                                                                       |

This discussion does not describe all aspects of U.S. federal income taxes and does not deal with all of the tax consequences that may be relevant to holders in light of their particular circumstances or to holders subject to special rules such as:

| • |     | financial institutions; |

| • |     | insurance companies; |

| • |     | dealers or traders using a                             
 mark-to-market method of tax accounting for the notes; |

| • |     | persons holding notes as part of a hedge, “straddle” or integrated transaction; |

| • |     | U.S. Holders (as defined below) whose functional currency is not the U.S. dollar; |

| • |     | regulated investment companies or real estate investment trusts; |

| • |     | partnerships or other entities or arrangements classified as partnerships for U.S. federal income tax purposes 
 (and investors therein);                                                                                       |

| • |     | tax-exempt organizations; or |

| • |     | persons subject to any alternative minimum tax. |

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds notes, the U.S. federal income tax treatment of a partner in such partnership will generally depend upon the status of the partner and the activities of the partnership. Partners of partnerships holding notes should consult their tax advisors as to the particular U.S. federal income tax consequences to them of holding and disposing of the notes. This summary is based on the Code, administrative pronouncements, judicial decisions and final, temporary and proposed U.S. Treasury Regulations in effect as of the date hereof, changes to any of which subsequent to the date of this prospectus supplement may affect the tax consequences described herein, possibly with retroactive effect. This summary addresses only U.S. federal income tax consequences. Persons considering the purchase of notes should consult their tax advisors with regard to the application of the U.S. federal income or other federal tax laws (including estate and gift tax laws and the Medicare tax on investment income) to their particular situations as well as