Thank you for your question. In Step 1 you should both choose married filing jointly. Then in Step 2 you would go to the tables and using both of your yearly pay amounts determine what the extra tax withholding for the full year should be. This number then would be divided by the remaining pay periods and the resulting number would be entered in Step 4 (c). Lastly, only one of you in Step 3 should be multiply the number of other dependents by $500.
You may also consider skipping Step 3 completely to build in a buffer to avoid owing taxes. Thank you again for your question @bryanjb1275
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