Adding Drop Shadow and Extracting it

Select Layer Style then Drop Shadow

I used the following setting:
Opacity: 50
Angle: 160
Distance: 4
Spread: 0
Size: 8

The drop shadow is added but you need to extract it to manipulate it. Click the F button

Click the Create Layer then click OK

Now the drop shadow has it’s own layer.

Resize the drop shadow according to your preference.

Lastly, lower down the Opacity to 75% and Fill to 35%

Note: Click the image for larger view.