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I assume you're using the IRS withholding calculator? We're in a similar range with dual incomes. I just did the calculator for 2010 (DW switched jobs this week) and if we were both at Married - 0, we would have a $12k tax shortfall in 2010. So, no, the numbers you're seeing are not out of the ordinary.

I would recommend not only continuing the 401k, but consider increasing your contributions ($16.5k is the limit), to reduce your taxes.
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