Tax Refund Question, Exemptions And Deductions?

Okay, I thought I had this Tax Refund thing all down packed, but I got a little fuzzy on some things all of the sudden (maybe too much thinking?). I have 2 of my 3 W2's so I thought I calculate a refund on just the 2 I have now, just to test-out my new found knowledge. With these two I made $9,359 with Feds holding a total of $786 and state holding $287. Since I'm single, I get a standard deduction of $5,700, and a personal exemption of $3,650, therefore making me reach the 10% bracket with only $9! Now what got me thinking was my refund, In essence I get all my money back, but when I read how personal exemption works, by saving you money within your bracket (10%), I found I would save $365. Where does $365 fit, when I have my fed and state paid taxes? Is there a calculation done with my standard deduction, that figures how much I'll save from that? Because if I hadn't read about the personal exemption saving money on its own terms, I wouldn't have second guessed my refund would be all my paid taxes (Minus 90 cents). BTW there's nothing else to my file (no dependents, tuitions, NADA)