Meaning/Usage: Used to express that the work day is over.
Explanation: "Call it" is often times used to make a decision. When you add "day" to this, then a person is making a decision to say that the day is over. This is mostly used to end a working day.
Let's call it a day. I'm too tired to continue working.
We can't continue working without Mike, so let's call it a day.