This is where you set the point at which the computer alarms to tell you that you have reached your maximum allowable pressure of O2. The higher the % of O2, or the lower your PPO2 setting, the shallower the depth limit will be on the gas.
You don't have to calculate it, you are just setting the limit value. The PPO2 setting is the maximum partial pressure you are saying you will accept before the alarm kicks in. Too much O2 pressure can result in convulsions or other life threatening issues, so the computer tells you to head for a shallower depth.
The partial pressure of O2 is the % of O2 in the mix times the # of atmospheres pressure you are under- including the 1 ATM at the surface and roughly another ATM for each 33' or 10M of water. Values between 1.4 ATM and 1.6 ATM are generally considered acceptable, but as others have said there is no problem with leaving it at a conservative 1.4 ATM.
Some computers allow for setting multiple PPO2 limits for different gases, as a higher limit may be appropriate for a deco mix used while passively stopped, and allow for shorter deco times, while a lower one may be safer for a gas used in an active phase of the dive. But as a recreational diver, just set it to the more conservative value and stay within the depth limits. But you should understand what it is you are setting and why.
Ron