The correct spelling of "depending it" is actually "depending on it." The addition of the preposition "on" is crucial to the meaning of the phrase. The word "depending" is pronounced as /dɪˈpɛndɪŋ/ (dih-pen-ding) with the stress on the second syllable. The "e" in "depending" is pronounced as "eh," the "i" is pronounced as "ih," and the "ng" sound is pronounced as "nguh." The word "on" is pronounced as /ɒn/ (ahn) with the stress on the first syllable.