Step 1: Open an image or you can right click and save this one.
Step 2: Choose font. Use the settings below and click ok.
Step 3: Create a new raster layer. Use the settings shown below and click ok.
Step 4: Align text on image
Step 5: Go under effects sub menu 3d effects and click on cutout. Use the settings shown below and press ok.
Step 6: Add another raster layer.
Step 7: Then Go under effects sub menu 3d effects and click on drop shadow. Use the settings shown below and press ok.
Step 8: Set your text by right click.
Step 9: Go under merge and sub menu merge all flatten.
And your finished product should = 