I think this is actually either a bald- faced hornet nest (Vespula maculata) or an oddly- placed yellow jacket nest ( they are more commonly underground or in a decaying log or stump.) these wasps are very aggressive and should be treated with utmost respect and caution.
True paper wasps (Polistes spp.) usually have open combs and are not usually this large. While their sting is very painful, paper wasps are actually quite tolerant of human activity as long as the nest isn't directly messed with. (I had one IN my bird feeder for years . (Actually under it, but I saw them and they saw me!) I could carefully open the feeder and fill it regularly and I was never-never! stung. I just moved slowly, wore light colors, didn't breathe on them, and was careful to not bump the nest. In return, they picked my veggie garden clean of destructive caterpillars and grubs.
:)
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