We present an experimentally feasible method to produce a large and tunable spin squeezing when an ensemble of many four-level atoms interacts simultaneously with a single-mode photon and classical driving lasers. Our approach is to simply introduce a time-dependent collective atom-photon coupling. We show that the maximal squeezing factor measured experimentally can be well controlled by both its driving magnitude and driving frequency. In particular, when increasing the driving magnitude, the maximal squeezing factor increases and thus can be rapidly enhanced. We also demonstrate explicitly in the high-frequency approximation that this spin squeezing arises from a strong repulsive spin-spin interaction induced by the time-dependent collective atom-photon coupling. Finally, we evaluate analytically, by using current experimental parameters, the maximal squeezing factor, which can reach 40 dB. This squeezing factor is far larger than previous ones.