Photoshop Text Effects: Easy Plastic Text with Layer Styles
Learn Photoshop with Free Photoshop Text Effects at Photoshop Essentials.com
Step 10: Apply The "Bevel and Emboss" Style To The Stroke
Switch back to the "Bevel and Emboss" options by clicking on the words Bevel and Emboss on the left of the Layer Style dialog box:

The Layer Style dialog box will change to show the Bevel and Emboss options once again in the middle column. We want to apply the Bevel and Emboss style to the stroke itself, so to do that, click on the down-pointing arrow to the right of the words "Inner Bevel" and change the Style to Stroke Emboss:

We're almost done. Go back down to the "Gloss Contour" option and once again click on the down-pointing arrow to the right of the contour preview thumbnail. This time, scroll down the list until you come to the one named Shallow Slope-Valley. Double-click on it to select it:

While you're down at the bottom of the Bevel and Emboss options, increase the Shadow Mode Opacity to about 40%:

Finally, go back up to the top and lower the Depth value to about 41%, then increase the Size by dragging the slider bar to the right until you can see the letter strokes merging together. I've increased mine to 24 pixels.
Click OK when you're happy with the results to exit out of the Layer Style dialog box, and, you're done!
Here is the final "plastic text" effect:

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