FontStyle is an enumeration you can Or them together to add or Xor to remove.
i.e.
to add underlining to existing style:
textBox1.Font = new Font(
    textBox1.Font, textBox1.Font.Style | FontStyle.Underline
);
to remove underlining from style:
textBox1.Font = new Font(
    textBox1.Font, textBox1.Font.Style ^ FontStyle.Underline
);
and you can check for which Enumerations are in the Font.Style by doing this.
if ((textBox1.Font.Style.HasFlag(FontStyle.Underline)))
{
   textBox1.Font = new Font(
      textBox1.Font, textBox1.Font.Style ^ FontStyle.Underline
   );
} else {
   textBox1.Font = new Font(
      textBox1.Font, textBox1.Font.Style | FontStyle.Underline
   );
}
	
	
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