What is wifi calling?

WiFi calling is the technology that allows cell phone packets to be forwarded to a network access point over the Internet, rather than over-the-air via GSM/GPRS, UMTS or else. This is especially useful when the phone is located in some place with poor cellular coverage, but with better coverage of other types, like Internet access.

Is this same with tethering the device?

Yes, it is almost the same