This creates an really cool plastic text effect with just a few steps.
Step 1
Create a new image and fill the background with either a solid white, or a light gradient like mine.
Step 2
Double click the layer, check inner shadow and use the above settings.
Step 3 (optional)
Check outer glow and use the above settings.
Step 4
Check bevel and emboss and use the above settings.
Step 5
Lastly, check stroke and use the above settings.
Final Product
More Tutorials: 
