The development of ultrathin magnets with tunable magnetic properties is essential for advancing quantum computing technologies. In this study, density functional theory (DFT) calculations were employed to investigate the atomic and electronic structures of a ZnO monolayer embedded with cobalt atoms. The impact of spin dynamics on charge transfer within the Co:ZnO system was thoroughly examined. Results revealed that the orbital magnetic moment of the cobalt atoms plays a crucial role in stabilizing the magnetic and charge distributions across the system. These findings offer valuable insights for the design and fabrication of quantum devices, thereby highlighting the potential of Co-doped ZnO monolayers in quantum computing applications.