Thanks Steve, that is what I first tried. Right-Click gives me the choice of Icon Settings or Panel Options. I can delete the panel but not the item on the panel. However...
If I Right-Click on the panel, choose Panel Options; Panel Settings it brings up another panel sort of representation below the panel (I had moved the panel to the top of the screen). I can now Right-Click and remove a launcher. I can also drag a launcher around the panel and place it in the order which I desire with respect to other launchers. So it looks like both our questions are now answered
That said... It looks like they took the worst of Gnome 3 and Xfce and combined them into the latest KDE. I used to like KDE back around Red Hat 8 and 9. As to the new one... I fail to understand why developers feel the need to take the simple concept of a panel with launchers and drop down menus and turn it into a 3D video game with transparent overlays and all that other eye candy crap. The Gnome 2 panel has served me well for years and will continue to do so on CentOS 6 until 2020. Hopefully the Mate project will be successful in preserving the clean and simple interface. I have installed their desktop on a couple of machines and it seems to work well.
Time to get off my soap box.
p.s. If the Add Widgets panel or task bar or whatever it is called is displayed it is possible to remove a launcher (but not move it around on the panel).