attahiyat u lilahi wasalawat u watayi batu? (The whole tashhud & Its meaning)

The whole tashhud is as follows in phonetic:
At-Tahiy-yatu lil-lahi was-salawatu wat-tay yibatu, As-Salamy ‘alika ay-yuhan-nabiy-yu wa rahma tullahi wa barakatu, As salamu ‘alayna wa ‘ala ‘ibadil-la his-saliheen , Ash hadu al la ilaha illal lahu, wa ash hadu an-na Muhammadan ‘abduhu wa rasuluh

The translation is as follows:
All compliments, all physical prayer , and all monetary worship are for Allah. Peace be upon you, O Prophet, and Allah’s mercy and blessings. Peace be on us and on all righteous slaves of Allah . I bear witness that no one is worthy of worship except Allah. I bear witness that Muhammad (peace be upon him ) is his slave and Messenger.

The meanings of individual words that you asked for is as follows:

At-Tahiy-yatu = All compliments
lil-lahi = are for Allah
was-salawatu = all physical prayer
wat-tay yibatu = and all monetary worship.

#$####$$#####$$$$$$$$$$#########

Do you know background of ATTA’HIYYAAT, as to why we recite it in every prayer?

Attahiyyaat is a very important ‘Dua’ we repeat it in our daily prayers. When I learnt the importance of this, it melted my heart.

Attahiyat is actually a part of conversation between Our Creator Allah SWT and our beloved Prophet Muhammad Sallalahu’alayhi wasallam during his journey of Al Isra Wal Miraj.

When Prophet Muhammad Sallalahualayhiwasallam met Allah SWT, he didn’t say ‘Assalam aleikum’. What is someone going to say when he meets Allah ? We can’t wish HIM peace because ALL sources of peace are through HIM.

So Prophet Muhammad Sallalahualayhiwasallam said:

“Attahiyyaatu Lillahi Was Salawatu Wattayyibatu” (All compliments, all prayer and worship are for Allah)

Allah replied:
“Assalamu Alaika Ayyuhannabiyyu ‘Warahmatullahi Wabarka’tuhu” (Peace be upon you, Oh Prophet and Allah’s Mercy and Blessings).

To this, Prophet Muhammad sallalahualayhiwasallam replied:
“Assalamu Alaina Wa’ala’Ibadillahis Saa’liheen” (Peace be on us and on all good slaves of Allah)

*Note* Prophet Muhammad sallalahualayhiwasallam included “us” in his reply… (and on all good slaves of Allah)

And listening to this conversation between Allah and His Messenger sallalahualayhiwasalam, the Angels said:
“Ash’had’u’un La ilahaillallahu Wa Ash’hadu Anna Muhammadun Abd’uhu Wa Rasooluh”
(I bear witness that no one is worthy of worship except Allah And I bear witness that Muhammad is His Messenger).

SubhanAllah!
I now understand the importance of this conversation in our daily prayers and how the Salat was prescribed to us.