How to remove a White Background in Photoshop

This method should work for later versions of photoshop as well.

First try at a turotial
I know that there exists many tutorial out there describing how to do this, but I noticed a majority of them didn't do it this particular way (not to mention so many tutorials are a complete mess and hard to read). So why not.
If there are any mispellings (probably) please tell me Critique is welcome.

I originally made this for a friend, but I recon you guys might have some use for it too

Tutorial belongs to *Nin-Wolf