Want to answer to my supervisor's question about the status of a task. What come's to my mind is "I'm on it". What's a more formal way of saying that?
I'm about two-thirds of the way through the project.
It is my top priority at this time.
I'm working on other projects at the moment, but if you would like, I'll set them aside and focus on this task instead; just let me know.
I estimate I'll finish that task within the next two hours.
The more specific the update you can offer, the better the response will be received.
You could say I'm working on it as we speak.
As we speak: just now; at this very moment
“I'll see to it immediately.”
“I'll see to that right away Mrs. Johnson.”
These equate to a more formal “I'm on it”, if that can help you. But, as the managerial types have so smugly announced above, that is not sufficient for a “status report” of a task already assigned some time prior, which by modern practice should include an estimated time of completion, all things considered.