Well, if we look at the known effects on that icon... there's background copy on 100% screen, then there's the usual lighten and brighten and a dark blue fill set on exclusion. A gradient fill in orange-yellow. A curves adjustment layer. A hue/saturation layer I used to lessen the saturation in reds and yellows. Then the brush and the text plus the text effects. And the border. I've probably forgotten something (like, usually I do some airbrush work somewhere), because naturally I merge down as I go, but it still had 8 layers when I saved the final version.

Not that all this work necessarily shows in the end product. But I have fun while tweaking. Because I'm insane.