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You know what it is 

Meaning : a person wants you to give them something that belongs to you. This is normally said by the person who is robbing victims.

You Know What It Is 

I don't even have to explain myself . You already know what it is without no context.
Look you got all these achievements! -Peaches
You know what it is!!- Kiki
You Know What It Is by Chicago River September 16, 2021

You know what time it is.

Prison slang meaning you shouldn't need any explanation about the results of what you did. Whatever you did or do, it's going to get you beat the fuck up.
You stole from everyone, you snitch to the cops. Punk bitch, you know what time it is.

If you ever cross me, you know what time it is.

If you disrespect my mom, you know what time it is.
If you don't pay your taxes, you know what time it is.

You know what time it is! 

A phrase used during criminal activities , like armed robbery. To tell the victim to so something in a more gangster fashion.
Man walks into convenience store
Man pulls gun on clerk
Man pulls out bag and says "You know what time it is!"

You Know What Time It Is 

A prison expression indicating that the speaker is about to commence a physical altercation upon the subject.
Leroy: You know what time it is!
Bubba: What-
Leroy: (hits Bubba)

You know what time it is! 

Basically a statement said to acknowledge how incredibly trashed someone is. You can say it to acknowledge someone else or you can say it to acknowledge how messed up you are.

If you are on another level of fucked up you can also respond that you are the clock. Who ever is the most fucked up is the clock.
A:"Duuuuuuuuuuuude!!!!"
B: "You know what time it is!"

A:"Do you know what time it is!?"
B:"Bitch, I'm the clock!"

A:"You know what time it is!!!"

A:"Dude, he knows what time it is."
B:"Bro, he is the clock"