Per IRS Publication 505 Tax Withholding and Estimated Tax, on page 7:
Exemption From Withholding
If you claim exemption from withholding, your employer won’t withhold federal income tax from your wages. The exemption applies only to income tax, not to social security or Medicare tax.
You can claim exemption from withholding for 2020 only if both of the following situations apply.
You cannot claim exemption from withholding if (a) your income exceeds $1,100 and includes more than $350 of unearned income (for example, interest and dividends) and (b) another person can claim you as a dependent on their tax return.
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