The instructions for Form W-4 say that an employee can claim exemption from withholding under specific circumstances.
Exemption from withholding. You may claim exemption from withholding for 2024 if you meet both of the following conditions: you had no federal income tax liability in 2023 and you expect to have no federal income tax liability in 2024. You had no federal income tax liability in 2023 if (1) your total tax on line 24 on your 2023 Form 1040 or 1040-SR is zero (or less than the sum of lines 27, 28, and 29), or (2) you were not required to file a return because your income was below the filing threshold for your correct filing status. If you claim exemption, you will have no income tax withheld from your paycheck and may owe taxes and penalties when you file your 2024 tax return. To claim exemption from withholding, certify that you meet both of the conditions above by writing “Exempt” on Form W-4 in the space below Step 4(c). Then, complete Steps 1(a), 1(b), and 5. Do not complete any other steps. You will need to submit a new Form W-4 by February 15, 2025.
When you sign a Form W-4, you are certifying that it is true and correct -- under penalties of perjury.
Based on your question, it doesn't sound like you would qualify to claim an exemption from withholding and I would caution against signing an 'exempt' W-4.
Also, not having withholdings paid to the IRS throughout the year could result in underpayment penalties for each quarter of the year. That isn't a calculation that happens just on the year-end bottom line.
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