In Photoshop, there is a "text" tool (just a big T) that you click and PS will automatically make a new layer for just the text. Move your cursor to your icon and start typing. After you have typed your word or phrase, you can move it with the moving tool. In the bar at the top, there are options about font type, color, size and whether you want the text aligned to the right, centered, or to the left.
If this isn't detailed enough, let me know. Have fun!
There is also a tool for outlined words, it is an option of the text tool. If you want to know how to use it, I'd be happy to explain.