No, it doesn't. There is no number on your W-2 that determines how much you get back. What determines how much you get back is the number on your tax return - on Form 1040EZ line 13a, Form 1040A line 48a, or Form 1040 line 76a.
Why do you think that all the tax that you paid should be refunded to you? If you earn money, you have to pay tax on it. That's how we pay the cost of government services. If everyone got back all the tax that was withheld from their pay, the government wouldn't have any money. There would be no point in collecting taxes if it was all going to be fully refunded.
