Tax exempt/dependent/living at home/17 laws?

Ok, so I want to ask a simple question.
I am currently 17 (fixing to be 18), living at home (though not much longer, I hope...), have a job working at a restaurant (yes, I know...the lowest of the low), and have been declared as a "dependent", and "exempt" from taxes.

Now, I'm not sure what all that implies...

For one, am I going to have to pay back the taxes that were with-held from me, later on? If so, then that really sucks...

Also, I understand that one definition of "exempt" means not being paid for working overtime. I'm not sure if that's what my employer's wife meant when she used that word to me, or if she simply meant that I will not have to pay any taxes (though I don't have a clue whether I'm going to have to pay them later on down the road, and that is what I'm asking) right now because I have been declared as a "dependent" on the W-2 tax form.

Also, I need to add that this was the first year (2009) that I had to sign my W-2 tax form. I'm not sure what my dad was doing before, but I know for a fact that this is the first time I had to sign it. And so, I must admit I am a little bit worried about what all the implications of that action may be...

Could anyone please explain the details of what all this means?

Thanks.
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In your situation, you are single and a dependent; your standard deduction for 2009 is $5700. If you have earned income (income from work) of less than $5700 then your tax is 0, however, I would advice you not to claim EXEMPT on your W4, in case you make more than $5700. When you claim EXEMPT on your W4, you are asking your employer NOT to take out any Federal taxes from your paycheck. This my cause you to have to pay taxes in April next year. I don't think that you want to do that.

If you don't file EXEMPT and make less than $5700, you will receive all the Federal taxes you pay next year after you file your taxes. Example;
Your total income from work at the end of 2009 is $5650 and you paid
(deducted from your paycheck) $565 for Federal taxes. After you file your taxes in 2009, your refund will be $565. Is it not better to get a refund than maybe have to pay? think about it!

If you need more help, e-mail me at
tax.eezi@gmail.com
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If your total income (including tips that you reported to your employer) is less than the standard deduction and you do not have other non-earned income, you can be exempt...as in, I won't owe taxes if I filled them out.
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You're living at home, so at 17 most likely are a dependent, but who declared you "exempt" from taxes. The only way you're exempt is if you make less than the standard deduction amount for the year - then you wouldn't make enough to owe any tax. For 2008 that was $5450. And you do know that any tips you get are ALL taxable income? If you put exempt on your W-4 form, then your employer wouldn't take out for income tax, but if you make enough to owe any tax, you'd have to pay when you file your return.

Another use of "exempt" does mean they wouldn't have to pay you OT, but unless you are managing the restaurant, you would not be exempt in that sense.

Not sure what you're asking about paying back taxes that are withheld - they already have those, you wouldn't be paying them back. If not enough is withheld to cover what you owe, then you'd have to pay any extra.