Inset Button

1) New document,
make a round white circle.

2) Give the circle an Inner Shadow settings Color black;
Blend Mode Multiply; 120 degrees; Opacity 75%; Distance 5px;
Choke 0px; Size 21px.
3) Give your round circle a
Bevel & Emboss effect settings: Style inner Bevel; Smooth; Depth: 201; Direction up; Size 10; Angle 90; Attitude 34; Highlight Screen 100% color white; Shadow Mode Multiply color black 100% opacity.
4) Give you circle a stroke blend with these settings: Size 2px; Position: Outside; Blend Normal; Fill type Gradient; Style Linear; Angle -90; Scale 150.
5) Inset with an outer glow.