Here we are going to reproduce an effect where the text appears to be cut out of the background – much like a cookie cutter effect.
To begin this effect, create a text layer that is a slightly darker shade than the background colour. Add an Inner Shadow layer style to this layer with the Opacity set to 29%, Distance 9px, Choke 8%, Size 29px and select the Gaussian Curve for the contour.
Next, enable the Bevel and Emboss layer style and set the style to Outer Bevel, with Depth at 52%, Direction moved to Down, Size at 8px and Soften at 8px. In the Shading section, uncheck the Use Global Light box and set the angle to 90 degrees and Altitude to 21.
Finally, reduce the highlight Opacity to 62% and the shadow Opacity to 5% and you should be left with the cookie cutter effect you were looking for.