The Collaborative International Dictionary of English v.0.48:

Calculating \Cal"cu*la`ting\, a.
   1. Of or pertaining to mathematical calculations; performing
      or able to perform mathematical calculations.
      [1913 Webster]

   2. Given to contrivance or forethought; forecasting;
      scheming; as, a cool calculating disposition.
      [1913 Webster]

   Calculating machine, a machine for the mechanical
      performance of mathematical operations, for the most part
      invented by Charles Babbage and G. and E. Scheutz. It
      computes logarithmic and other mathematical tables of a
      high degree of intricacy, imprinting the results on a
      leaden plate, from which a stereotype plate is then
      directly made.
      [1913 Webster]

WordNet (r) 3.0 (2006):

calculating machine
    n 1: a small machine that is used for mathematical calculations
         [syn: calculator, calculating machine]