This calculator is for DC or AC resistive loads. In these cases, peak current flows, when peak voltage is applied. It's in unity. This isn't how your psu is taking it's current though. It's perhaps taking bites at 10khz, to power a coil, that could have a collapsing magnetic field around is still from the last time it was switched off. A collapsing field, is a moving field. Fields moving over the coil induce a voltage. One that could be in or out of phase with the supply voltage. Aiding it, or causing a back electromotive force. This back 'emf' is a resistance to current flow, as it could be 50v pushing back against your 120v supply. So you have just 70v pushing, not 120v. I'm just scratching at the topic here to.
Many meters will give results that ohm's law can't cover with the ease it's used in DC circuits.