There isn't enough information you've given. is there a drawing? Does the drawing show the keyway?
I am *assuming* it isn't a woodruff keyway.
I am *assuming* they want a 1/2" square key, 1 inch long. But there are other ways to interpret it. The key *could* be rectangular and not square, although I don't see a 1/2 x 1 rectangular key anywhere. Seems that standard rectangular keys include 1/2 x 3/4 or 3/4 x 1". So I think you're looking at a square 1/2" key.
So, assuming it's a 1/2" square key they intend to use, you would need to know the diameter of the shaft you're putting it on.
In my 25th edition book I have handy with me here, page 2262 "Keys and keyseats, table 8, finding depth of keyseat and distance from top of key to bottom of shaft" gives you a bunch of diameters, keyway widths, and a formula to figure out how deep to go. It is worth noting that keyway depth is called from the sharp corners created by the keyway, so you'd be 1/4" deep plus the distance from the top of the shaft to the chord created by the sharp corners. This table will give you that dimension.
On the page preceding it, ansi standard fits for parallel and taper keys, it says you get +0 and -.015 tolerance on depth. meaning you can be up to .015 deeper from the top.
When in doubt, could always ask the customer what size key they are using.