Do you like to eat Smarties? When I was young, I like eat but not now. Let get started how to create a smarties with two type of layer styles such as Inner Glow and Bevel and Emboss.
1. Open a New File by clicking File > New. Go to Elliptical Marquee Tool. Draw a circle in the size of Smarties. (If you want to make it round, hold the Shift key while drawing a circle)
2. Choose any color that you like in Foreground Color and go to Edit > Fill (Remember the content use is Foreground Color since you have set the color to Foreground Color)
3. In the Layer Window, right click Background Layer, choose Layer via Copy. (Another layer with transparent background will be create named Layer 1)
4. Right click Layer 1 and choose Blending Option. then Tick Bevel and Emboss. Make some adjustment as per below options:
Style: Emboss
Technique: Smooth
Depth: 90%
Direction: Up
Size: 60px
Soften: 9px
Angle: 135 degree
Altitude: 40 degree
Highlight Mode: Normal
5. Tick Inner Glow and make an adjustment as per below options and then click OK button.
Blend Mode: Normal
Opacity: 25%
Gradient: Choose black and white gradient

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