Photoshop :: Put A Layer On Top Of Another And Achieve A Specific Effect

I am trying to put a layer on top of another and achieve a specific effect.

My bottom layer is a normal color image, however my top layer is a single object with completely white background. I am trying to over-layer the two in such a way that the object on the top layer is fully visible and blocks the space behind it. However the white portion of the top layer should not interfere with the bottom image. I know there is a cropping method but I cannot use any cropping in what I am doing. I need to figure out how to do this effect using layer options.

The trick is that I have a completely white background on my top image, so I think there should be a way to make white transparent but at the same time keep the object visible.

Here is a sample of what i am looking for (I did this using cropping technique but need to figure out how to do it using layer options/effects such as multiply and overlay)