jQuery wrap-around and append

Im trying to wrap an element in a div, but also add an element in, what Ive tried to do it:-

$("#txtLabel1").wrapAll("<div class='divBox'></div>").prepend("<label for='txtLabel1'>ergerg</label>");

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The element Im trying to wrap around:-

<input type="text" id="txtLabel1" />

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And what Im trying to do it make it so its like

<div class='divBox'>
<input type="text" id="txtLabel1" />
<label for='txtLabel1'>Label Text</label>
</div>

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I need to do it all in one line, as I want to put it in a plugin, so it will wrap around and append for each element.

My final solution needs to be in a plugin, so something like:-

$.fn.labelSize = function(options ) {
		var settings = $.extend({
			// These are the defaults.
		}, options );
		
    return this.each(function() {
				var thisElement = $(this).clone();
				var thisWatermark = $(this).attr("placeholder");
				var thisID = $(this).attr("id");
        
				$(this).replaceWith("<div class='tc-LabelSize'>" + thisElement + "<label for='" + thisID +"'>'" + thisWatermark +"'</label></div>" );
			
    });
};

$(".labelSize").labelSize();

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Any ideas?