where and how is margin after calculated from, on paragraphs?

this is how it works in photoshop

if we use arial as our base font and set the cap height to 24px
then set the line height to 29px and finanly set paragraph bottom margin to 16px

the margin after is added to the line height:
so we get a space of 45px from the bottom of the x-height on the last line of the first paragraph to the bottom of the x-height on the first line of the next paragraph
This is all predictable and photoshop is consistent regardless of text size.

ok my question is how is css calculated
if everything zeorode out and I set size to 24px cap height leading to 29px and margin top to 0 and margin bottom to 16px.
then the I get 53px between the bottom of the x-height on the last line of the first paragraph to the bottom of the x-height on the first line of the next paragraph
I am assuming the space is beng added between the boundries of the text itself but I cant work out where and what
so how is it calculated?

Any insight on how its calulated would be nice to know


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