The Microsoft Office suite for Macintosh computers contains Microsoft Word and Excel, as well as other programs. To remove highlighting, click on the 'No Color' option in the drop-down box after re-selecting the highlighted text. From here, you can select a color in the drop-down box to highlight the selected text in that color.
After selecting the text you want to highlight, choose the 'Text Highlight Color' button in the Home tab Font group.