The coupled equations satisfied by the pump, probe, and signal waves in a four-wave interaction in a two-level saturable absorber are derived, taking into account the effects of absorption and depletion. Numerical solutions of these equations are presented in two limits; one in which the probe-wave amplitudes are comparable. The results indicate that absorption effects are important when the wave amplitude are less than the saturation amplitude of the absorption process. The importance of the depletion effects depends on the type of four-wave interaction. The most significant effects occur when the undepleted theory predicts probe-wave reflectivities exceeding unity. 6 refs.