call it quits vs lay off

call it quits and lay off both are verbs.

Word	Noun	Adjective	Verb	Adverb
call it quits	No	No	Yes	No
lay off	No	No	Yes	No

As verbs, lay off is a hypernym of call it quits; that is, lay off is a word with a broader meaning than call it quits:

Other hypernyms of call it quits include cease, discontinue, give up, quit, stop.

call it quits (verb)	lay off (verb)
stop doing what one is doing	dismiss, usually for economic reasons
	put an end to a state or an activity