Creating Photoshop's "Glass Button Effect" In Blender

Greets Everyone,

Here is a question I have been wondering about for some time - how to create a smooth glass button effect in Blender, like in Photoshop.

Here’s what I mean from a photoshop standpoint:

I see things like this animated on TV all the time, so I know it can be more than just a glass button. But I’m not sure of how it is done in Blender.

Any ideas?