Upload the PNG file to your Cricut machine. Once uploaded, add a rectangle over the tag you want to print.
Pick both the gift tags and the rectangle and click slice. Then delete off everything except for the tag image. Repeat for as many of the tag designs as you want to print. Resize the designs as needed to fit a tag.
Then add tag shapes to your canvas. You can find several in Cricut Design Space or even get a free SVG and upload that. Be sure to size these to fit the gifts that you are wrapping. You will also want to make the tags white or even the color of your choice.
My version did not have a hole so I added a circle to each tag. Then pick the tag and the circle and click slice. Delete off all extra shapes and you are left with a tag that has a circle cut out.
Put the printable graphic over the tag then pick both and click flatten. This will make the entire thing a printable tag and the Cricut will only cut around the outside of the tag.
Then just click make it to see your tags on the mat. You can click continue from here and print the tags.
Print the sheet and follow the screen prompts to cut them with your Cricut machine.