Edit in JSFiddle

var but1 = $("#button");
var red = $("#box");

but1.click(function() {
    red.fadeToggle("slow");
    var text = $(this).text();
    if (text == "hide") {
        $(this).text("show");
    } else {
        $(this).text("hide");
    }
});
<div id="button">hide</div>
<div id="box"></div>
    
#box {
width:300px;
height:300px;
background-color:red;
margin: 0 0 0 80px;

}

#button {
width:40px;
height:40px;
background-color:green;
float:left;
}

#button2 {
width:30px;
height:30px;
background-color:yellow;
float:left;


}