Ice Bath Test
If your thermometer measures temperatures of 32°F or below, you can test it using an ice bath. Fill a Styrofoam cup with crushed ice and then add cold water. Insert the thermometer stem or probe into the ice bath and stir continuously. An accurate thermometer will read 32°F.
One advantage of using this method is that you don't have to take atmospheric pressure into account. An accurate thermometer will read 32°F in an ice bath at any altitude or atmospheric pressure.
What To Do If Your Thermometer Is Inaccurate
When testing a thermometer for accuracy, all you're trying to do is make sure that your unit is not grossly out of whack. You should be worried about being off by +/-20°F, not +/-2°F. If your testing shows that your thermometer is off by only a few degrees, don't do anything--just take those few degrees into account when reading your thermometer.
It should be noted that even high-quality, industrial-grade thermometers from manufacturers like Trend are only accurate to +/-1% of their scale. This means that at a "normal" 212°F boiling point, these thermometers may read up to 2°F above or below the actual temperature and still be within manufacturing specifications.
Bottom line: Don't sweat your thermometer being off by a few degrees!