Breaking a loop from outside

I have a data set, over which I iterate and run a fairly heavy operation on each element. To prevent the browser from freezing, I've set a timeout of 0ms. While the browser doesn't freeze, the calculation can take a good few seconds depending on user input. Here's the code:

function calculation(){
    $.each(data,function(key,value){
        setTimeout(function(){
            doTheHeavyLifting(value);
        },0);
    });
}

Now, the problem is, that I want to stop the previous calculation if the user requests to run the calculation again with new values.

I tried defining a continueCalculating boolean outside the function, and setting that to false in runCalculation() before calling calculation(), and inside calculation() resetting it back to true. Here's the modified code:

var continueCalculating=false;

function runCalculator(){
    continueCalculating=false;
    calculation();
}

function calculation(){
    continueCalculating=true;
    $.each(data,function(key,value){
        setTimeout(function(){
            if(continueCalculating){
                doTheHeavyLifting(value);
            }else{
                console.log("Abort the mission!");
                return false;
            }
        },0);
    });
}

Well, that didn't do the trick, and in retrospect was a pretty silly idea anyway. So, next I tried also clearing all the timeouts. Here's the modified code:

var continueCalculating=false;
var operationQueue=[];

function runCalculator(){
    continueCalculating=false;
    $.each(operationQueue, function(k,v){
        clearTimeout(v);
    });
    calculation();
}

function calculation(){
    continueCalculating=true;
    $.each(data,function(key,value){
        operationQueue.push(setTimeout(function(){
            if(continueCalculating){
                doTheHeavyLifting(value);
            }else{
                console.log("Abort the mission!");
                return false;
            }
        },0));
    });
}

Well, that didn't yield any results either.

I know $.each is slower than for, but there are only about a couple dozen items to iterate over, so it certainly isn't the bottle neck here. I'm not looking for ways to optimize this code, I just need to stop an on-going calculation. Is this possible?