This phrasal verb has many meanings, but a common theme that runs through most of them is that of removing somebody or something, or leaving, often in an energetic way.
Starting with leaving, if a plane or bird etc. 'takes off,' it leaves the ground and begins to fly. This is also used in a figurative sense to refer to a sudden rise in the success or popularity of something. Also, if you 'take off' from a place, you leave it, often hurriedly.
If you remove someone or something from a place, list, or thing, you can use this phrasal verb. For example, if you remove an item of clothing, or your name from a list, you 'take it off.' Similarly, if you temporarily remove yourself from a job or responsibility, you 'take time off,' or if you remove a portion of the cost or price of something, like in a sale, you 'take money off.'
As the video shows, this versatile phrasal verb is common in both a social and professional context.