Definitions
from The American Heritage® Dictionary of the English Language, 4th Edition
 adj. Capable of performing calculations: a calculating machine.
 adj. Shrewd; crafty: the calculating defense of an experienced attorney.
 adj. Coldly scheming or conniving.
from Wiktionary, Creative Commons Attribution/ShareAlike License
 adj. Which has the ability to calculate.
 adj. Which serves one's own interests in an unemotional, analytical manner.
 v. Present participle of calculate.
from the GNU version of the Collaborative International Dictionary of English
 adj. Of or pertaining to mathematical calculations; performing or able to perform mathematical calculations.
 adj. Given to contrivance or forethought; forecasting; scheming.
 n. The act or process of making mathematical computations or of estimating results.
from The Century Dictionary and Cyclopedia
 Given to forethought and calculation; especially, given to looking ahead with thoughtful regard to selfinterest; deliberate and selfish; scheming.
from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
 adj. used of persons
Etymologies
Sorry, no etymologies found.
Examples

Will Gillis on sf's changing face: Are your imaginative powers really so weak that what they call the calculating machine, or how they ...

What is being overlooked is that for the bulk of movie goers the ticket price is only one, probably relatively minor, part of the total "cost" in calculating how to spend their resources  including their own time.
Peak Load Pricing at the Movies, Bryan Caplan  EconLog  Library of Economics and Liberty

It would require that pi, used in calculating the area of a circle, be a precise or a “rational” number.

The savings from eliminating redundancy is not being subtracted in calculating the true cost.
Wonk Room » House Releases Health Care Reform Legislation (UPDATED TABLE)

She noted that there are "a lot of variables" in calculating the rate of the spill.

The governor was an idiot in calculating that no one would notice that Slavery was not mentioned and that the public wouldn't notice.

And whatever the zygote's expected income, its income distribution has a huge variance, so the discount rate to be used in calculating PV needs to be substantial.
The Poor Get Richer, Arnold Kling  EconLog  Library of Economics and Liberty

Richard Cook, the project manager, said that in calculating the cost and the amount of time necessary for designing the mission, "we didn't extrapolate how much more complex it was" than the Spirit and Opportunity mission.

What if I were interested in calculating cheese/milk?

For example, a tiny error in calculating where the mass of air leaving one grid square goes could mean we lose a tiny bit of mass on each time step.
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