Step 1:
Choose your picture, crop it and sharpen once



Step 2:
Duplicate your base and set it to Screen, 58% Opacity



Step 3:
Create a new Hue/Saturation Layer [Layer > New Adjustment Layer > Hue/Saturation] and up the saturation to +30



Step 4:
Create a new Selective Coloring Layer [Layer > New Adjustment Layer > Selective Coloring] and use the following settings:

Reds:
Cyan > -70
Magenta > 0
Yellow > -21
Black > -5

Yellows:
Cyan > +100
Magenta > +10
Yellow > +100
Black > 0

Neutrals:
Cyan > +58
Magenta > 0
Yellow > 0
Black > 0




Step 5:
Create a new Color Balance Layer [Layer > New Adjustment Layer > Color Balance] and use the following settings:

Shadows: 0 | 0 | +20
Midtones: +20 | 0 | +20

Make sure Preserve Luminosity is checked



Step 6:
Duplicate your base, drag it to the top and set it to Luminosity, 50% Opacity



Step 7:
Create a new Selective Coloring Layer [Layer > New Adjustment Layer > Selective Coloring] and use the following settings:

Reds:
Cyan > -100
Magenta > 0
Yellow > +100
Black > 0

Yellows:
Cyan > +100
Magenta > 0
Yellow > -100
Black > 0

Whites:
Cyan > 0
Magenta > 0
Yellow > -100
Black > 0

Neutrals:
Cyan >+30
Magenta > +10
Yellow > -10
Black > 0



Done!
You can download the .PSD here

Other icons with the same coloring:


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