Here's what you need to know:
Your employer won't withhold federal income tax, boosting your take-home pay.
But remember, you're still responsible for paying taxes, either through estimated payments or at tax time.
Underpaying could lead to penalties and interest.
Check if you qualify for tax-exempt status based on IRS guidelines.
Review your status regularly, especially if your circumstances change.
Note: State taxes may still apply, so understand your state's rules. Consult a tax professional to ensure you're on the right track and avoid penalties later on.