Creating a Paper with Paper Clip

Create a rectangle using rectangular shape tool.

Select direct selection tool and adjust the nodes to distort it.

Double click the layer to open layer style window. Apply settings as shown.

Create "Paper Clip" shape using custom shape tool.

Right click the layer in layer palette and select rasterize layer.

Select eraser tool and erase the right clip portion as shown.

Double click the layer to open layer style window. Apply settings as shown.