Those two sizes are in fact unrelated. Image size is not the same as file size.
The number in Image Size works like this: One byte per color channel for every pixel (two bytes for 16 bit files). Note that this is the flat size of a single layer. It's image size; not file size. So you get total megapixels x3 or x6. This is the reported image size in bytes.
To get KB you divide by 1024 (not 1000). And then to get MB you divide by 1024 again.
The size of the stored file on disk is a whole other story. It may have layers, alpha channels or other additional properties. It may have metadata. And most importantly - it may be compressed. The number in the Image Size dialog doesn't account for any of this. So you normally end up with a whole other number.
The file on disk is packaged in a storage container - the file format. An open file doesn't have a file format. Jpeg compression in particular reduces file size dramatically (at a cost, but that's a different subject). A jpeg can be shrunk to 2-10 % of its native "natural" size, at the same total pixel count.
EDIT cross post