Simple Plastic Text Effect

We start with a blank canvas and then add our text. At this point, it can be any color:

Next, open up the Layer Styles for the text layer and goto Drop Shadow. We add the Distance as 5px, and same with Size. Next, goto Bevel and Emboss, and Color Overlay. Use the settings below as a guide.

After applying these Layer Styles, we will have something that looks like this:

As a finishing touch, we should add something to the background:

Remember, the exact values above may not work for you if you are using different dimensions, fonts, etc. The key to PhotoShop is experimentation, so play with the settings and see what you come up with.