IPA: /ˈtæksɪˌkæb/
KK: /ˈtæksɪˌkæb/
A vehicle that transports people for a fee, which is usually based on the distance traveled or time taken.
I called a taxicab to take me to the airport.
Taxicab → It is formed from "taxi" (derived from the French word *taximètre*, meaning a device for measuring fare) and "cab" (short for *cabriolet*, a type of horse-drawn carriage). The word "taxicab" refers to a vehicle that measures fare for transporting passengers.
Think of a 'device for measuring fare' ('taxi') combined with a 'type of carriage' ('cab') — that's how a taxicab transports you while charging for the distance.
No commonly confused words.