You have to have your text on a separate layer.
For the shape, fill with white.....
Apply Bevel & Emboss effect layer. Use the settings as shown below...
For the Blending OPtions ....
and Bevel & Emboss settings...
TAKE NOTE: you may have to play around with the B&E Depth and Size sliders to get the look you want if you're working on a higher resolution image.
And depending on the background your using, you might have to use a different Blend mode in the Blending Options to make sure the white shape is cancelled out and still retain the color tones of the image area on the layer below.
Hope this helps....
MrUsedCS6