Paychex Inc is a Delaware Corporation formed in 1979. It is a provider of integrated payroll, human resource, insurance, and benefits outsourcing solutions for small- to medium-sized businesses in the United States. The Company's services include payroll processing; payroll tax administration services; employee payment services; regulatory compliance services; Paychex HR Services; retirement services administration; insurance services; online HR administration services, including time and attendance and benefit enrollment; and other human resource services and products. Its payroll service includes the calculation, preparation, and delivery of employee payroll checks; production of internal accounting records and management reports; preparation of federal, state, and local payroll tax returns; and collection and remittance of clients' payroll obligations. Its payroll tax administration services provide accurate preparation and timely filing of quarterly and year-end tax returns, as well as the electronic transfer of funds to the applicable tax or regulatory agencies. The Company's employee payment services provide an employer with the option of paying their employees by direct deposit, payroll debit card, a check drawn on a Paychex account, or a check drawn on the employer's account. It offers human resource outsourcing solutions that provide businesses a full-service approach to the outsourcing of employer and employee administrative needs. Its Paychex HR Services offering is available through Paychex HR Solutions, an administrative services organization, or Paychex PEO, a professional employer organization. The Company offers new-hire reporting services, which enable clients to comply with federal and state requirements to report information on newly hired employees. Its retirement services product line offers a variety of options to clients, including 401(k) plans, 401(k) SIMPLE plans, SIMPLE IRAs, 401(k) plans with safe harbor provisions, owner-only 401(k) plans, profit sharing plans, and money purchase plans. It markets its services through its direct sales force based in the metropolitan markets it serve. It has one primary national competitor and it also competes with other national, regional, local, and online service providers. The Company is subject to U.S. federal income tax, numerous local and state tax jurisdictions within the U.S., and income taxes in Germany.
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