STEP 1: Crop image to desired size 

STEP 2: Duplicated layer and set to soft light, 100%

STEP 3: New fill layer: #5A5142 set to soft light 100% 

STEP 4: New selective color layer:

R: -19, -27, +17, +49
Y: +47, +73, +41, -40
N: +30, 0, 0 , 0

STEP 4: Another selective color layer

R: -50, +32, +37, +75
Y: -35, -10, 0, 0
N: -5, +2, -1, 0

STEP 5: Duplicate the selective color layer from step 4 TWICE more. Both are set to normal. So, so far, all together you have 4 selective color layers.

STEP 6: New brightness/contrast layer. Depends on your image, but I used brightness: +48 and contrast: +21

STEP 7: Another selective color layer, set to normal 50%:

R: -100, +100, +100, +100
Y: 0, 0, +48, +40

STEP 8: New fill layer #161234 set to exclusion 100% 

STEP 9: New fill layer #F0C8DB set to soft light 100% 

STEP 10: New selective color layer:

R: 0, 0, 0, -40
N: +100, 0, 0, -7
B: +100, 0, 0 , 0

STEP 11: New color balance layer:

Shadows: -15, 0, 0 (perserve luminosity)

STEP 12: The icon is done, but if you want the rounded corners, open up a new 100x100 TRANSPARENT background. It must be transparent! Drag your finished image on to that canvas. Go here to read a great tutorial on how to finish it up and create the round edges! It has images of the tools and how they should be set. The only thing I would add is that once you've hit 'Delete' and you see the round edges, go to the square marquee (the first tool on the toolbar) and click on the dotted lines in the image to make them disappear.

Finally, you must save the file as png, not jpg, or else you'll still see a white background behind the rounded corners. Add text or brushes if you wish and you're finished!