How do I cut steps?

I am trying to make a set of speaker boxes for a friend. Where I am having problems in easel is the step cut where the speaker sits flush with the outter surface. It cuts the perfect circle on the outside to depth, then goes to cut out the inside circle out, (waste material). The problem is, it won’t cut that 7/16" inch step between the outside and inside. It cuts the initial circle to depth then moves on to the cut out the center leaving that material that needs to be cut out. When I use the fill feature, it cuts out the whole circle and I’m sitting waiting for hours to cut the center down to depth when that is waste.

Looks like you need three circles. Draw the first circle, filled, and set to your 7/16" depth. Draw a zero-depth circle, then another circle to finish (cut inside, full depth)…