Step 1: Begin by creating a new document of any size you wish. For this demo I created a 500x500px doc with a white background. Next create a new layer, shft+ctrl+n, and then make a rectangluar selection and fill it, edit-->fill-->color with a color of your choice. Your workspace should now resemble the image to the right
Step 2: Double click on the rectangle layer in the layers window and open the blending options. Select a stroke of 1px on the inside of the layer. Make sure to set the color of the stroke to the same color as the fill you applied in the last step. Make the stroke settings the same as the image to the right omitting the color of my stroke. You color will be the color of your rectangle.
Step 3: Check the bevel & emboss otiopn and go into the b & e settings. Make your settings exactly like the image to the right. The opacity of the highlight and shadow may need to be altered depending on the brightness of the color you chose. A dark color will need a higher opacity on the shadow and less on the highlight while a bright color will need less on the shadow and more on the highlight.
Result: This layer is now all set and has the popular bevel. To get the full effect we will need some surrounding layers to show the bevel more clearly. To add more layers continue to the next page.