Calculating the Wattage is not too complicated - like I mentioned before, there is a lot of minutia that we can kind-a skip for now.
To calculate the wattage, see also the WS2812 article (under the paragraph "Power");
Each LED block actually contains a tiny controller and 3 LEDs. Each of these LEDs pulls about 20mA, so each white little "block" pulls about 60mA (3x20mA).
So when you have LED strands with 60 LEDs/meter, then this would be
60 * 60 mA = 3600 mA = 3.6 A
This is however when all LEDs are lit up a max brightness - which doesn't happen very often in most scenarios.
Since we run it all on 5V, this means 18 Watts per meter of 60 LEDs.
But again this is under maximum load ... I've used 300 LEDs for my Boblight project (5 Meter), which comes down to 18 A at 5V (90 Watts). This again under maximum load, which doesn't really happen that often. So I took a 10 A power supply (50 Watts) to see if it would work, and kept monitoring it for a while to see if it would become warm or even hot. It didn't - it remained cold, so the power supply had no problems providing power for the 300 LEDs.
Granted that I didn't use real science to determine that, but key is to monitor power supply and wires when running your project. If cables or power supply get warm, then you're pushing it, and a thicker wire or better power supply might be a good idea.