Question states everything. I still live at home. I have never had to fill out this paperwork before and its unfamiliar. Help would be greatly appreciated.

If you are living at home and you own no property or have any significant tax deductions, then just claim 0 or 1.

If you are living at home and you own no property or have any significant tax deductions, then just claim 0 or 1.

Does it matter that I am being claimed as a dependent by my parents?

No. The purpose of the W4 is to determine how much should be withheld from your pay check. You do not have to be accurate.

Claim SINGle with ONE allowance and you will be fine.