Plastic Text Effect in Adobe Photoshop

You can make the background whatever color you choose or make it transparent and fill in the color at a later time.

Next, choose the Horizontal type tool and type in your text. It doesn't matter what the color of the text is as we will be using a color overlay later on.

Make sure you have the text layer selected. Click on the "Add Layer Style" button and use the following settings:

You can play around with the colors for the satin overlay and the color overlay to get the effects of your choice. You can also change the background color by adding layers underneath of different fill colors and then turning the layers visibility on or off.

To save this style for future use, select the text layer, click on the fly-out arrow of your styles pallet, click "New style" and give it a name and save the style. Now you'll have this effect at the click of a button in the future! Enjoy!