Preheat your oven to 350°F (175°C).

In a large bowl, cream together the softened butter and sugar until light and fluffy. Add the eggs, one at a time, along with the vanilla extract, and mix well.

In another bowl, whisk together the flour, baking powder, baking soda, and salt.

Gradually add the dry mixture to the wet mixture, alternating with milk. Fold in the chopped maraschino cherries.

Pour your batter into a greased 9-inch round cake pan.

Bake for about 25-30 minutes, or until a toothpick inserted in the center comes out clean.

Let the cake cool in the pan for about 10 minutes before transferring it to a wire rack.

Once cooled, add a dusting of powdered sugar or frost with cream cheese frosting.