Typically "Mega" refers to "million", but in the case of computers this is not exactly so. 1 Megabyte is eual to 1,024 Kilobytes. So technically speaking, in the case of computers, 1 Megabyte is 1048576 bytes, answering your question.
Who ever said computers were an exact science? haha
Edit 1: This is a great answer
Mega is 106
6 mega watts
1 mega pixel how many pixel
10.2mp = 10.2 mega pixels
720 is 0.9 mega pixels.
there is 1000000 mega bytes in a terabyte
2 mega-pixels 2 mega-pixels
Mega millions is a lottery game in the United States. There isn't a such thing as a "Mega" million.
There is 1 million seconds in a Mega-second.
2 mega pixel
Mega- means million or 10^6
Mega= 1,000,000Megameter=1,000,000 Meters