Where gamma represents the contrast vector (in this example, [1 -1]) and B-hat represents the beta estimates for each condition. The degrees of freedom for a single-subject analysis is based on the number of time points; although, since nearby timepoints share a high degree of correlation, the actual degrees of freedom is pared down to compensate. With most standard processing streams, the variance associated with a beta estimate is discarded when carried to a higher-level analysis, although programs such as FSL's FLAME and AFNI's 3dMEMA take this variance into account when weighting group-level estimates.
Details about how to perform a simple t-contrast in SPM are shown in the following video. The first twenty seconds or so is an outtake where my microphone fell over; we sure like to have fun around here!
