Brown ground beef in a large skillet over medium high heat. Drain off the excess grease. Stir in taco seasoning, salsa, and water. Cook uncovered for 2-4 minutes.
In a separate large bowl, beat together softened cream cheese, sour cream, and the remaining taco seasoning with a hand held mixer.
Spread the cream cheese mixture into the bottom of an 8x8 or 9x9 pan.
Top with the cooked ground beef mixture, shredded iceberg lettuce, shredded cheddar cheese, diced medium tomatoes, and sliced olives.
Serve with chips and enjoy!
Notes
This dip layers can be made ahead of time but do not assembly until you are ready to serve as the vegetables on top will get too soft.