Preheat oven to 350˚F. Line muffin pans with baking cups.
In medium bowl, combine flour, baking powder and salt; set aside. In large bowl, beat butter and sugar with electric mixer until smooth. Add eggs and extracts; mix well. Alternately add flour mixture and milk to butter mixture; mix well. Fill baking cups about 2/3 full with batter.
Bake 18-20 minutes or until toothpick inserted into center comes out clean. Allow cupcakes to cool in pan on cooling rack for 5 minutes. Remove from pan; cool completely.