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(1) It is.
(2) It has.

N.B. Not to be confused with "its," which is the possessive of "it."
(1) Contact. It's the answer.
(2) It's been real slow 'round here since the new sheriff arrived.

WRONG: The dog wagged it's tail.
It's by ASP November 17, 2003
Ohhh, if you want it to be possessive it's just 'its,' but if it's supposed to be a contraction then it's I-T apostrophe S!

Scalawag.
It's = "It's gonna blow!"
Its = "Its fangs are seven feet long."
it's by Chmera April 9, 2008
Contraction for "it is".
NOT the possessive form of "it". Like "yours", "hers", etc., the possessive form of "it" is "its", with no apostrophe.
Yes: "It's a rabid dog."
No: "Be careful of it's teeth."
it's by Frungy March 31, 2008
A word that signifies the beginning of an episode of Monty Python's Flying Circus.
"It's..."
"Monty Python's Flying Circus!" (cue Sousa's Liberty Bell March)
it's by aaronak April 27, 2006
It's—
It's by FrungiFrungi May 5, 2021
The robot tried to extend it's arm
it's by yumsus November 19, 2021