I want to clear the text from the text box, what should be the button named as? what icon and color should the same button have?
Thanks in advance.
I would say it depends on the scope.
For a single text field you could simply use an x such as the one provided by Font Awesome (here)
If you are clearing all information from the form it'd be better to use a button that has a different color to the submission button. For instance if the submission button is the color green, a good differentiating color would be red. As long as it is consistent throughout the application and the colors don't clash you should be fine.
You'll find fields with a little "clear" button in them all over the web. Like this:
Here is one approach favored by my End Users, have an underlined option stating 'Clear' when the field already has an icon within (calendar in my example).
Having an X clear button within the edit field is good, but coloring it red might mean error after the User types in a text.
The common theme across apps/web is to use a lighter grey/grey colored X button as shown by @Ken Mohnkern above
It helps if you try it out yourself by clicking the above link but here are the two things that make the
X more intuitive and discoverable as a clear button...
Xif there is something to clear
Xinside the input instead of next to it