text-align:center won’t work with form tag (?)

This is because label is an inline element, and is therefore only as big as the text it contains.

The possible is to display your label as a block element like this:

#formItem label {
    display: block;
    text-align: center;
    line-height: 150%;
    font-size: .85em;
}

However, if you want to use the label on the same line with other elements, you either need to set display: inline-block; and give it an explicit width (which doesn’t work on most browsers), or you need to wrap it inside a div and do the alignment in the div.