Click and drag to highlight the paragraph
Press Backspace or Delete
Place the cursor at the end of the previous paragraph and press Delete
Place the cursor at the start of the paragraph and press Backspace
Use Ctrl+X on Windows or Command+X on Mac to cut the paragraph
Right-click the selected paragraph and choose Cut
Use Edit > Cut from the menu
If you only want to remove spacing, click Format > Line & paragraph spacing and adjust the settings