I’m making programs which will separate a two digit number from a textbox to two different labels. Later I want to take those two separate numbers and square them indiviudally and add them together. It would be great if someone can get me some help. This is what I have so far:

Public Class Form1
    Private Sub Button1_Click(sender As System.Object, e As System.EventArgs) Handles Button1.Click
        Label1.Text = "First digit:" & TextBox1.Text.Substring(0, 1)
        Label2.Text = "Second digit:" & TextBox1.Text.Substring(1, 1)

        Label3.Text = (Label1.Text) ^ 2
    End Sub
End Class

You are almost there.

Private Sub Button1_Click(sender As System.Object, e As System.EventArgs) Handles Button1.Click
    Try
        Dim val1 as Integer = Cint(TextBox1.Text.SubString(0,1))
        Dim val2 as Integer = Cint(TextBox1.Text.SubString(1,1))

        Label1.Text = "First digit:" & TextBox1.Text.Substring(0, 1)
        Label2.Text = "Second digit:" & TextBox1.Text.Substring(1, 1)

        Label3.Text = "Sum is:" & ((val1 *= val1) + (val2 *= val2))    
    Catch ex As Exception
        MsgBox(ex.ToString)
    End Try
End Sub

When write a code you must know what the value of variables.

Label1.Text = "First digit:" & TextBox1.Text.Substring(0, 1)
Label2.Text = "Second digit:" & TextBox1.Text.Substring(1, 1)

Label3.Text = (Label1.Text) ^ 2

Ex : TextBox1 = 12

Now Label1.Text will contain "First digit:1"
So you can't square what in label1 cause it not contain numbers but string.
As Begginnerdev suggest to put value in variables it makes you more easy to handle math operation.