Yes, that is correct, your Foreign Income Exclusion would be capped at $112k.
The tax on your remaining non-excluded income is calculated using the tax rates that would have been applied had you not claimed the exclusion(s).
For income above the $112k (that wasn't excluded) you might be able to get a foreign tax credit for UK taxes paid. Please see Where do I enter the foreign tax credit (Form 1116) or deduction? for details.
You preview Form 1040 and Schedule 1:
- Click on "Tax Tools" in the left menu
- Click "Tools"
- Click "View Tax Summary" in the Tool Center window
- Click on "Preview my 1040" on the left
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