Preheat oven to 350°F (175°C). Grease and flour two 9-inch round cake pans. Line the bottoms with parchment paper circles.
In a large bowl, cream together the softened butter and granulated sugar until light and fluffy.
Beat in the eggs one at a time, then stir in the vanilla extract.
In a separate bowl, whisk together the flour, cocoa powder, baking soda, baking powder, and salt.
Gradually add the dry ingredients to the wet ingredients, alternating with the buttermilk, beginning and ending with the dry ingredients. Mix until just combined.
In a small bowl, combine the red food coloring and white vinegar. Add to batter and mix until evenly colored.
Divide batter evenly between cake pans. Bake for 30-35 minutes, or until the toothpick comes out clean.
Let cakes cool in pans for 10 minutes before inverting them onto a wire rack to cool completely.
Make frosting: Beat together cream cheese and butter until smooth. Gradually add powdered sugar and vanilla. Beat until light and fluffy.
Frost cooled cake.
Notes
Use accurate measuring tools. Store any leftovers in the refrigerator.