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I was detained for switching a price tag from $18 to $5.
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today I received a letter demanding that I need to pay $300
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This is a common practice. You are in for some heavy handed treatment
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I was wondering what the best course of action is at this point.
Stop stealing
Stop thinking about stealing
Offer to make restitution in writing.
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For example, what are the chances that the case get dismissed?
Unlikely
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would this effect my job in any kind
It depends on your employment contract
If future applications contain a "have you ever been convicted of a crime" you will have some problems.