Open the image in PS. Click on Select then all and go to edit and copy.
Click on the word image then check image size. (width and height).
Click on File, new then type in a new width and height size bigger than your image size.
Choose white for background contents.
Click on edit and paste.
Click on the T from the tools on the left which is the text tool.
Click on the image and type, you can choose size of text.
Crop the white to desired size and go to layer and flatten image...