The correct spelling of the word "Magnani" can be phonetically transcribed as /mæɡˈnɑːni/. The initial "m" is followed by a short "æ" sound, then a hard "g" sound. The "n" is pronounced next, followed by a long "ɑː" and a short "n" sound. The word is commonly used as a surname and can refer to people of Italian heritage. It is important to remember to use the correct spelling and phonetic transcription to avoid confusion or miscommunication.