I seen a similar image online showing a guitar cut out of a dining table so wanted to see if I could emulate it myself in Photoshop. It turned out to be a lot harder than it looks perhaps. I had to use a ton of layers and techniques.
There are only two elements, the table and the Fender Telecaster. Both stock images of similar angles I found online. I placed the guitar on the table and selected the outline of its body and deleted it from the table to leave a guitar shaped hole. I then moved the guitar aside to reveal the hole and manually drwew in the cut depth, texture & shadows. I applied the cutout piece to the guitar body and sides, masking out the knobs & strings etc.. Finally I drew in the guitar strings and added the guitar shadow manually.