IPA: /ˈnɛkˌtaɪ/
KK: /ˈnɛkˌtaɪ/
A narrow piece of cloth that is worn around the neck and tied in a knot or bow, usually as part of formal or business attire.
He wore a blue necktie with his suit to the meeting.
Necktie → The word is formed from "neck" (from Old English "hnecca", meaning the part of the body connecting the head to the torso) and "tie" (from Old English "tīgan", meaning to fasten or bind). A necktie is an item that is fastened around the neck.
Think of the part of the body that connects the head to the torso ('neck') and how the item is 'fastened' ('tie') around it — that's why a necktie is something you wear around your neck.
No commonly confused words.