This can be done right in the print dialogue using similar tools but can be done more accurately in photoshop as follows;
1) Go to image (at the very top) > image size
2) Work with your longest dimension. Leave at least
a 1 inch margin on each side. This will be 14 inches wide after we resize the
canvas, so we’ll select 12 inches as the width. The height will automatically
resize. Set the resolution at 350 DPI. Click OK
3) Go to image > canvas size. Set the width at 14 inches and the height at 11. Leave the anchor in the middle. White is the most conventional extension color. Click OK
This is what your framed image will look like;
Below is what you get with 'scale to fit media'. THIS IS NOT ACCEPTABLE.