Informal:
* Whatcha doin'? (very casual)
* What are you up to?
* What's going on?
* Busy? (Implies you are asking if they have time to talk)
Formal:
* What are you working on? (If it's a work context)
* What are you doing at the moment?
* May I ask what you are doing? (More polite and formal)
To ask about a specific task:
* What are you doing with that? (If they are holding something)
* What are you working on now? (If they are working on a project)
Choose the phrase that best suits your situation and the level of formality you want to convey.