1. Go to your PS tool and select the lasso tool. Right click, under the lasso tool, choose POLYGONAL LASSO TOOL.

2. Open your image. (File >> Open >> Select Image)

3.1 Open a new canvas.

File >> New >> Adjust the size of your canvas based on your preference and make sure that the background contents is TRANSPARENT.

3.2 Drag your picture to your new blank canvas.

4. 1 Using the POLYGONAL LASSO TOOL, select the edges of your image. 

4.2 Once you're done making the path of your point(s), close it by finding your first point. A small circle will appear, once you've located it, click it and the selection path you make will be closed.

4.3 This should be the output of step 4.2 

4.4 Right click your image and choose, SELECT INVERSE

4.5 Press DEL on your keyboard. 

5. This will be the output. Your picture is finally extracted from it's background. 

Author's Note:

Another option under the Lasso Tool is the Magnetic Lasso Tool, it's pretty much the same with Polygonal Tool. Just like its tool name, it acts like a magnet and it immediately attract/attaches at anything your mouse points to.