CREW FAILED TO XCHK ALTIMETER SETTINGS WHICH RESULTED IN DSNDING BELOW CLRED ALT.

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HOW PROB AROSE: CAPT SET WRONG ALTIMETER SETTING; HE SET 30.34 INSTEAD OF 29.34; CAUSING US TO CROSS A FIX APPROX 1000 FT LOW. CONTRIBUTING FACTORS: CAPT FAILED TO ANNOUNCE TRANSITION LEVEL AT FL180. I WAS OCCUPIED WITH INFORMING OUR FLT ATTENDANTS OF THE TURB AND FILLING OUT THE LOGBOOK; WHICH TOOK MUCH LONGER THAN NORMAL BECAUSE OF TURB WE WERE EXPERIENCING ON OUR DSCNT. IF I HAD FINISHED THE LOGBOOK OR SET IT ASIDE TO FINISH ON THE GND; I WOULD HAVE BEEN IN A BETTER POS TO CATCH THE ERROR WHEN IT WAS MADE. HOW IT WAS DISCOVERED: AT THE END OF DSCNT; ATC ASKED OUR ALT. I KNEW WE WERE SUPPOSED TO BE AT 17000 FT. I SAW MY ALTIMETER WAS STILL AT 29.92 AND READ 17200 OR 17400 FT MSL. REALIZING I HAD MISSED THE TRANSITION ALT; I LOOKED DOWN TO GET THE ALTIMETER SETTING AND XCHKED MY CAPT; THINKING HE HAD MISSED IT AS WELL; ONLY TO SEE THE WRONG SETTING ON HIS ALTIMETER -- 30.34 INSTEAD OF 29.34; PUTTING US VERY LOW AT OUR XING. CORRECTIVE; WE IMMEDIATELY CLBED UP TO 17000 FT WITH THE CORRECT ALTIMETER SETTING. BY MORE CLOSELY FOLLOWING OUR SOP'S WE COULD HAVE AVOIDED THIS ERROR. I CAN THINK OF NO PROC IMPROVEMENTS. ONLY FOLLOWING WHAT I ALREADY KNOW TO BE GOOD PROC WOULD HAVE STOPPED THIS.