How to setup Custom Calculation Value Definition with new Element to stop deduction?

Summary:

I created a new element named Dummy Test Element. For testing purposes, I'm trying to set an annual contribution limit on this element to stop deduction once the limit is reached. For this case, my goal is for the Dummy Test Element to stop deduction once the $50.00 limit is reached.

This is the custom Calculation Value Definition that I created:

Here are the details on the element:

I've add the Calculation Value Definition at the element level under Calculation Factors.

I created an element entry on an employee with the new element with an amount of $98.00. Then I processed a QuickPay and confirmed that the full $98 were deducted instead of the $50. Do you have any guidance on what else I need to setup? If so, please provide guidance along with the navigation. Thank you in advance!