You didn't know that there was a payout limit? You've really got to read up about adsense before you go any further. You will be much more prepared for all future eventualities.
If you didn't know that, then there's a lot more that you might not know. You should really read more about the program before you get started right away.
Also, the minimum payout always applies even after you make your first $100. You only get paid after every $100 you make if you have the payment threshold set at $100.
Although you can set the payout, Google has a minimum threshold of $100 that one has to reach to get their payment.
I'm new at this to but i did read about it and i do agree with the posts above, you definitely should read about it a little more, you will learn a lot about it.