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2.
It's another way of saying "what's up?" It is not shorter then what's up, but people like to say it anyway.
Person 1: Hey, what's it to ya?

Person 2: Oh, just hanging around.
by Lexina March 16, 2011
 
1.
Another way of saying "mind you own business"
Mom: What are you doing in there?

Son: What's it to ya!
by Jeffrey22 November 03, 2011