The correct spelling of the phrase "not make cutting" is /nɒt meɪk ˈkʌtɪŋ/. Here, the "not" is spelled traditionally, while "make" is spelled as one would expect. "Cutting," on the other hand, is spelled as it sounds with the "t" in the middle of the word being silent. It is important to pay attention to the phonetic transcription of words to ensure proper spelling and pronunciation, as well as avoiding confusion in communication.