Either use a div with square dimensions with the image inside with the .testimg class:
.test {
width: 307px;
height: 307px;
overflow:hidden
}
.testimg {
margin-left: -76px
}
or a square div with a background of the image.
.test2 {
width: 307px;
height: 307px;
background: url(http://i.stack.imgur.com/GA6bB.png) 50% 50%
}
Here's some examples: http://jsfiddle.net/QqCLC/1/
UPDATED SO THE IMAGE CENTRES
.test {_x000D_
width: 307px;_x000D_
height: 307px;_x000D_
overflow: hidden_x000D_
}_x000D_
_x000D_
.testimg {_x000D_
margin-left: -76px_x000D_
}_x000D_
_x000D_
.test2 {_x000D_
width: 307px;_x000D_
height: 307px;_x000D_
background: url(http://i.stack.imgur.com/GA6bB.png) 50% 50%_x000D_
}
_x000D_
<div class="test"><img src="http://i.stack.imgur.com/GA6bB.png" width="460" height="307" class="testimg" /></div>_x000D_
_x000D_
<div class="test2"></div>
_x000D_