Opinion: Trying to get the W-4 set perfectly is a moving target....and unlikely to be set perfectly the first year.
When Rainman12 suggested using no more than 2 allowances...(He might correct my assumption) but he referred to line 5 on the W-4. That's considering everyone in your family including the 2 kids.
Unless you have a ton of other income (Self-employment/cash, interest, Dividends, significant capital gains) then using the married but single rate, and 2 allowances should give you some refund...using a 1 would be more...but really, we can't know your total income and deduction situation for the year.
Start with the married but single rate, and 1 or 2 allowances on line 5 of the W-4, then re-adjust next year (if needed) when you file your tax return for 2017 and determine whether too much, or too little was withheld from your combined pay during the year.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
