The current through a capacitor leads the voltage across it by 90 degrees. The current through and the voltage across a resistor are in phase. Because the components are in series it means that the current through them must be identical. This all means that the voltage across the resistor is forced to lead the voltage across the capacitor by 90 degrees.
So the voltages across the two components peak at different times to each other in each cycle.
The peak of the output voltage is 0.707 times the peak of the input voltage at the frequency where R=Xc. This is called the cut-off frequency where the output voltage is 3dB down on its low frequency value. This is also the half power frequency where the power is also down 3dB.
The instantaneous voltages of the two components, when added, must equal the instantaneous value of the input voltage.
To calculate the total impedance draw a right angled impedance triangle. The reactance and resistance can then be added vectoraly by using pythagoras as the total impedance is represented by the hypotenuse. A similar triangle can be drawn using the triangle's sides to represent the voltages across the components. The length of the hypotenuse then represents the input voltage.
So, for instance, if the input voltage is 1V and the voltages across the two components are each 0.707V then sqrt(0.707^2 + 0.707^2) = sqrt(0.5 + 0.5) = sqrt(1) = 1.
As an aside, if you are wondering why at the cut-off frequency, both the power and voltage are down 3dB when one is at half and the other is at 0.707 it's because the voltage is calculated using 20log(0.707/1) dB and the power is calculated using 10log(0.5/1) dB.
Incidently, if you were to create a high pass filter by swapping the positions of the two components with each other, the voltages and phases of the three waveforms (input, across R and across C) are identical to the low pass circuit it's just that for a high pass filter the output is taken from across the resistor instead of across the capacitor.