Short Answer
myobj.css('backgroundColor', 'transparent');
Long Answer
I’d suggest for better maintainability, use css classes for things like this:
.active { background:#AE00000 }
then in your javascript
myobj.addClass('active');
to toggle off
myobj.removeClass('active');
This has the benefit of you not having to worry about changing the css value (if you use css()) everytime there’s change in your design or if you need to add more markup to that particular element.
For example, in the end you need to use background, font-size and color, in your js:
myobj.css({'background':'#aaa', 'font-size':'15px', 'color':'red'});
Then everytime you need to toggle off:
myobj.css({'background':'none', 'font-size':defaultSize + 'px', 'color':'black'});
Not only it’s error prone, but more difficult to maintain, if you use css:
.active { background:#AE00000; font-size:15px; color:red }
then in your javascript
myobj.addClass('active');
to toggle off
myobj.removeClass('active');