Thanks, Cup o' Joe. I've looked at some documents on the IRS website, and they agree with what you said, so I think I should be fine when it comes time to actually file taxes.
I would also like to know about how much this comes out too, though. I realize this may vary widely from school to school, state to state and person to person, but I really have no idea what a reasonable amount would even be. Should I assume I'll end up paying 5%, 10%, 20% or more for the sake of making a preliminary budget?