The spelling of "cutting one" can be confusing, as it contains a homophone - "one" - that is pronounced differently than the number "one". To clarify this, we can use the International Phonetic Alphabet (IPA) transcription. "Cutting" is transcribed as /ˈkʌtɪŋ/, while "one" (in the sense of "a single entity") is transcribed as /wʌn/. So, the correct spelling of "cutting one" is /ˈkʌtɪŋ wʌn/. This transcription accurately represents the pronunciation of each syllable in the word.