The procedures given by sanjampet didn't work for me running Preview under 10.9.2. Here's how I was able to get colored text on a white rectangle background on an image:
1. Open the image in Preview
2. If not already visible, from the View menu select "Show Edit Toolbar".
3. In the Edit toolbar, click on the rectangle icon next to the Instant Alpha wand icon.
4. In the Edit toolbar, click on the Fill Color rectangle with the thin diagonal line across it, next to the Shape Attributes (line thickness) icon on the right.
5. Select the fill color for the shape, in this case white.
6. On the image, click and drag to create the rectangle filled with white.
7. From Preview's Tools menu select Annotate > Text.
8. Drag the text rectangle somewhere else on the image, it can't be created on top of the color-filled rectangle.
9. Enter the text and click out of the text rectangle.
10. Drag the text onto the color-filled rectangle to finish the process.
NOTE - I was unable to drag the color-filled rectangle over positioned text and somehow "send to back/backwards" as in some graphics programs, so the only method that works is to correctly place the color-filled rectangle first, then select and drag the text onto it.