DUE TO AN INCORRECTLY SET ALT ALERTER A CPR JET PIC OVERSHOOTS THE 1500 FT ALT AS ASSIGNED ON THE TEB 4 DEP PROC.

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TEB 4 DEP; SID OFF RWY 24. AFTER TKOF; WITH GEAR AND FLAPS UP; APPROX 600 FT; I CALLED FOR 'AUTOPLT ENGAGE' AND I PROCEEDED TO ENGAGE 'FLT LEVEL CHANGE/SPD CAPTURE' FOR 200 KTS. APCHING 200 KTS AND 1500 FT; I STARTED REDUCING PWR AND ENGAGED THE HDG MODE; PRESELECTED TO 280 DEG HDG. AS INDICATED ON DEP SID; AS THE ACFT STARTED TO TURN; THE FO CALLED NEW YORK DEP AND RPTED 1500 FT; CLBING TO 2000 FT. NEW YORK DEP CAME BACK AND SAID 'MAINTAIN 1500 FT.' I IMMEDIATELY DISCONNECTED THE AUTOPLT AND DSNDED AND LEVELED AT 1500 FT. THE HIGHEST ALT I OBTAINED DURING THIS TRANSITION WAS APPROX 1800 FT. AT THIS POINT; BOTH MYSELF AND THE FO REALIZED THE ALT SELECTED WAS SET AT 1500 FT; BUT INCORRECTLY SET FOR 2000 FT. ABOVE 10000 FT AND WHEN SOME TIME WAS AVAILABLE; BOTH OF US DISCUSSED THIS DEP IN DETAIL. PRIOR TO STARTING ENGS; WE HAD EXPERIENCED A 1 HR 20 MIN GATE HOLD. AFTER STARTING ENGS; WE HAD ANOTHER 35 MINS OF TAXI TIME WITH HOLDS. DURING THE FIRST PART OF THE TAXI; WE COMPLETED THE TAXI CHKLIST AND BRIEFED RWY 24 DEP IN DETAIL; READING THE HDGS; ALTS; AND DME TRANSITION POINT TO CLB TO 3000 FT. BOTH OF US HAD FLOWN THIS DEP NUMEROUS TIMES. I FAILED TO CONFIRM 1500 FT IN THE ALT SELECTOR. IN THE FUTURE; I PLAN TO HOLD MY DEP BRIEF UNTIL JUST PRIOR TO DEP AND MAINTAIN THE DEP SID IN FRONT OF ME; WHERE I CAN TAKE A LAST MIN CHK ON ALT; HDGS; SPDS AND ANY OTHER PERTINENT DATA.