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Latency issue with my USB interface

I am new to the home-recording game. I have immediately run into a latency issue with my Tascam 122 USB interface - when I overdub on an imported beat or the rhythm track, the latency factor seems to be around 120 ms. Actually, it seems to be early / faster by 120 ms so I have to increase the time location on that track. I have two questions:

Audio track of sync.. Latency?

Hi, I have a Dell Latitude P4 2.0ghz with 512 ram. I use a Hercules 16/12 firewire sound card with it.

For testing purposes i used the Cubase software that came with it. The first track records fine, but when i go to add a second track playing along with it, it will record fine but it is out of sync.

I used the hardware to monitor everything.