W-4 Allowances?

<p>Hey,</p>

<p>I'm going to be interning at a financial services firm this summer and I wanted to know how I go about putting in the number of allowances. I heard many arguments as to choosing 0 vs. 1 but I wanted to get a clearer answer. Are there advantages/disadvantages to both?</p>

<p>I am single, with one job, and parents will probably claim me as dependent. But I myself have no dependents (not sure what this means?)</p>

<p>Thanks for any help!</p>