Count textarea characters

$("#textarea").keyup(function(){
  $("#count").text($(this).val().length);
});

The above will do what you want. If you want to do a count down then change it to this:

$("#textarea").keyup(function(){
  $("#count").text("Characters left: " + (500 - $(this).val().length));
});

Alternatively, you can accomplish the same thing without jQuery using the following code. (Thanks @Niet)

document.getElementById('textarea').onkeyup = function () {
  document.getElementById('count').innerHTML = "Characters left: " + (500 - this.value.length);
};