The X axis is indicated by the inner blue edge and the Y axis is indicated by the inner pink edge. Hover each example and note that the point of intersection of the X and Y axises never move (right bottom corner of purple area). Also note that this point of intersection (25% or 75% for each axis) is relative to the transformed element and not it's parent (shaded gray).
transform-origin: 25% 25%rotateY
rotateZ
skewX
skewY
rotateY
rotateZ
skewX
skewY
transform-origin: 75% 75%rotateY
rotateZ
skewX
skewY
rotateY
rotateZ
skewX
skewY