SQL Server Max Memory not limiting use of RAM
SQL Servers max memory setting defines the limits for buffer pool usage only. There will be variable but significant allocations required over and above that limit.

Jonathan Kehayias's, Christian Bolton and John Samson have level 300/400 posts on the topic. Brent Ozar has an easier to read article that might be a better place to start.

Also related: SQL Server 2008 R2 “Ghost Memory”