Creating boxed text

New user confused by seemingly simple task...

I have a number of photos that I need to annotate with labels in various locations on the image. These labels need to be in 10 or 12 pt black type in a black bordered white background box. Ideally, I'd be able to type the label and have the box create itself around the variable length type. And then I need to move the boxed label around to it's proper place on the image. Seems simple, but I can't figure it out.

Can someone please help?

(Photoshop CS 8.0 on Power Book G4 w/ OSX 10.4.8)

Ideally, I'd be able to type the label and have the box create itself around the variable length type.

Can't be done like that in PS.

You'll need to type your text in and draw a box around it manually afterwards.