Sorry, my mistake.
There are lots of ways to do this, I'm just showing you one:
- create the basic button with the shape tool
- apply the necessary layer style effects
- double click on the word Effects in your layers palette to change the blending options as shown in the second screenshot: Blend Clipped Layers as Group should be unchecked, Blend Interior Effects as Group should be checked. This is necessary to avoid that the effects of our layer style will also affect the clipped layers in our next steps
- add a clipping layer for the text
- add a clipping layer for the image
A layer can be turned into a clipping layer by right clicking on it and selecting Create clipping mask.
This clipping mask will now the restrain the pixels to the layer its clipped to, meaning that the guys head or neck which would normally extend beyond the borders of our button, are now hidden. It's not necessary to clip the text, I just did that to make it look more organized.
If you have more buttons, just add a new text layer and/or image. Use the eye icon in front of the layers to select the text/images that you want to use for a specific button that you want to save.