It can vary a bit depending on how it's mixed, but I think around 1/4" or perhaps 5/16". You should use this trowel with ceramic/porcelain that are 12" or so. However, the backs of the tiles must be known too.
The thickness of the thinset after the tiles are set must be a min. of 3/32 but can be a little thicker. So, 3/32-1/8" is common. This is for standard thinset.
I think because of the drag, thinset lines were always little less than the trowel. Pressing down is also depending on the person's judgement. I don't press down much, even was surprised by some youtube videos. For floors, I used thicker side thinset and back butter the tiles if 12x12. Back butter so that the edges don't end up with thinner layer. I usually end up with thinset squeezing out the joints and I remove this for every line. Mosaic sheets as is with 3/8 or so towel depth. 1/4" depth wouldn't leave you much.
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