IE has a problem showing favicons until you save the page as a favorite and it gets stored. Try Firefox or another browser to amke sure your favicon is NOT showing. FF is very reliable as to showing favicon if path and file are correct. My favicon is 32x35 and it's not even in the root directory, but Firefox has no problem with it. Other browsers might, but that's their problem. I'm sure there will be additional comments about this and the usual recommendations.
Use the Favicon Validator. Says mine isn't valid, but works fine in most browsers.
More online favicon generators if you like that gives instructions on how to place favicons and link:
Root directory refers to where your index.html page is.