You may define and assign labels to your tasks at Setup > Miscellaneous Setups > Tasks > Task Label Maintenance. The default label names are high, medium and low, however you can create labels however you wish.
You may add, edit or remove/deprecate labels. When you add or edit a label, you will be presented with the ability to enter or edit the label name, add the color of the label, and add the color of the text. Clicking the color box will show you a color grid that will allow you to select the color for your label. The light vs dark text for the label will depend on the color you choose for the label.
If you have labels defined, you will have the option to assign them to tasks.
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