QuickBooks Payroll Update Error 12002

According to Intuit, QuickBooks Payroll Update Error 12002 can occur when updating QuickBooks or updating a QuickBooks payroll service. The error is caused by:

a network timeout that is preventing QuickBooks from accessing the server
internet connection problems
internet security or firewall settings that are blocking the connection
the fact that Internet Explorer may not be the default browser
incorrect SSL settings