Incorrect spelling, explanation: puting is an incorrect form because we should double the t when adding a suffix (putting). This is due to the rule, which states that consonant-vowel-consonant endings of the word require such doubling with suffixes. This means that putting is the correct form.

Correct spelling, explanation: the correct spelling is putting, due to the rule saying that in case of a word ending with the following combination: consonant-vowel-consonant, the last consonant is doubled every time we want to add a suffix. Here, put itself is such a combination, so we doubled t when adding -ing, hence putting. Thus puting is an incorrect form.

Definition of putting:
verb, gerund form of put, to place something somewhere
I’m putting the keys in your backpack and I’m leaving.
noun, an action of placing sth somewhere
Why do you keep putting your glasses on the bed? Someone could sit on them.