SD card initialization failure

Hello
I am trying to make a basic micro SD card reader and is wired as the following.

Also, the datasheet for 74HC4050 is:

http://www.nxp.com/documents/data_sheet/74HC4050.pdf

(Arduino Mega Pin)-(74HC4050Pin)
4-14
50-3
51-5
52-7

(74HC4050Pin)-(MicroSDcardReaderPin)
2-D0
4-CMD
6-CLK
15-D3

The Code:

#include <SPI.h>
#include <SD.h>

Sd2Card card;
SdVolume volume;
SdFile root;
const int chipSelect = 4;

void setup() {
  pinMode(chipSelect,OUTPUT);:
  Serial.begin(9600);
  while (!Serial) {
    ; 
  }


  Serial.print("\nInitializing SD card...");

  if (!card.init(SPI_HALF_SPEED, chipSelect)) {
    Serial.println("initialization failed. Things to check:");
    Serial.println("* is a card inserted?");
    Serial.println("* is your wiring correct?");
    Serial.println("* did you change the chipSelect pin to match your shield or module?");
    return;
  } else {
    Serial.println("Wiring is correct and a card is present.");
  }

  Serial.print("\nCard type: ");
  switch (card.type()) {
    case SD_CARD_TYPE_SD1:
      Serial.println("SD1");
      break;
    case SD_CARD_TYPE_SD2:
      Serial.println("SD2");
      break;
    case SD_CARD_TYPE_SDHC:
      Serial.println("SDHC");
      break;
    default:
      Serial.println("Unknown");
  }

  if (!volume.init(card)) {
    Serial.println("Could not find FAT16/FAT32 partition.\nMake sure you've formatted the card");
    return;
  }


  uint32_t volumesize;
  Serial.print("\nVolume type is FAT");
  Serial.println(volume.fatType(), DEC);
  Serial.println();

  volumesize = volume.blocksPerCluster();    
  volumesize *= volume.clusterCount();       
  volumesize *= 512;                           
  Serial.print("Volume size (bytes): ");
  Serial.println(volumesize);
  Serial.print("Volume size (Kbytes): ");
  volumesize /= 1024;
  Serial.println(volumesize);
  Serial.print("Volume size (Mbytes): ");
  volumesize /= 1024;
  Serial.println(volumesize);


  Serial.println("\nFiles found on the card (name, date and size in bytes): ");
  root.openRoot(volume);e
  root.ls(LS_R | LS_DATE | LS_SIZE);
}


void loop(void) {

}

Also, I have formatted the SD card with a SD formatting tool, not an OS utility
Can somebody tell me what is wrong?

Thank you.

You' really need to post a schematic. For instance, I see no proof that you are powering the 74HC4050. Nor do I see any proof that you have all the grounds connected.

I am powering the 74HC4050 with 5V from Arduino, and all of the devices share a common ground
I will post a schematic soon.

This is the schematic.
It is attached