We are going to put the cutout all the way around the image, so
we need some white space in which to do it.
Make sure your background color is white - or matches the background
where the picture is going to be placed.
In this case I have a 320 x 261 pixel image and as you can see
on the left, I added 60 pixels to make the width 380 and the height
In this case I check the boxes to center the image both horizontally
This will put a 30 pixel area of white all around the image.