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Theory:

Slang is a type of language consisting of words and phrases that are regarded as very informal and more common in speech than writing. They are typically restricted to a particular context or group of people.
Slang is a part of colloquial language. It lowers, if temporarily, "the dignity of formal or serious speech or writing". Its use implies that the user is familiar with whatever is referred to, or with a group of people who are familiar with it and use the term.
Let us look at the differences between standard and colloquial English in the table below:
Standard English vs Non-Standard English
 
Sl. No
Standard English
Non-Standard English
1.
The form of English that is taught around the world and understood by all speakers of the language
The informal version of the language, which can change depending on where it is being spoken
2.
It uses correct grammatical rules and can be thought of as the formal, official, or polite way of speaking or writingIt contains lots of slang (very informal versions of standard words), which can be particular to a certain area or group of people, so may not be used or understood by everyone
3.
Fewer abbreviations Lots of abbreviations, like asap (as soon as possible) or gonna (going to)
4.
Fewer contracted words, like you're and we'dLots of contracted words
5.
Correct spellingSome incorrect spelling, like tonite (tonight)
Reference:
https://www.bbc.co.uk/bitesize/topics/zfkk7ty/articles/zp9jkty