If you mean that you have a text-based column in a different table that contains a list of expressions you could apply to the field, then you will need to read that into a string, and build a new SQL statement from it, then execute that. So if for example you had p_formula:
Id Exp
1 rate-10
2 rate+10
3 rate*5
Then:
DECLARE @Cmd VARCHAR(MAX)
DECLARE @Exp VARCHAR(MAX)
SET @Exp = SELECT Exp FROM p_formula WHERE Id=1
SET @Cmd = 'UPDATE MyTable SET rate=''' + @EXP + ''' WHERE employeeID=96 AND abb=''Basic'''
Exec(@Cmd)
That probably won't do what you want exactly, but I don't fully understand your thinking here - it seems like a very odd way to do things, which means there is probably a much, much better way to get the result you want - but it gives you the general idea.