If you are applying paste wax as a polish on top of a finish, you will always get a little better result with two coats. Let the first coat dry for at least a couple of hours, or overnight, before applying the second.
You would think that one coat should be sufficient, and it is if all you want is scratch resistance and a little added shine. But my experience is that two coats, well buffed off with a dry cloth, always looks a little better and more even.
If you want to dull the surface simultaneously with the wax application, you can use #0000 steel wool to apply the first coat of wax. You could also do this in two steps: dull with steel wool, then apply the wax with a cloth. Using steel wool for the second coat accomplishes little more than removing the first coat while you’re applying the second.
By the way, contrary to an often-repeated suggestion (especially for shellac finishes), such a thin coat of wax adds nothing to water protection. There will be beading and run off on vertical surfaces, but water sitting on a horizontal surface will penetrate the wax almost immediately. It will be the finish underneath that provides the protection against water getting into the wood.If you don’t want to dull the surface, use a cloth to apply the wax—and never use steel wool to buff off the wax unless you want to remove it.