Preheat oven to 350 and place cupcake liners in cupcake pan.
In the bowl of your KitchenAid mixer (or other mixer - or in a large bowl if you will be using a hand mixer), mix together on low speed the flour, sugar, baking powder and salt.
Add in one ingredient at a time, mixing between the egg whites, milk, butter, extracts and red food coloring. Mix on a low speed until everything is mixed well then turn to high and mix for another minute.
Fill cupcake cup ¾ full - evenly divided. Will make about 12 cupcakes.
Bake for 18-22 minutes until cake tester or toothpick comes out clean. As SOON as it comes out clean, remove from the oven and allow to rest for 2 minutes before removing from the cupcake tin. Remove to a wire rack to cool completely. Allow to cool completely before applying the icing.
For the icing
In the bowl of a stand mixer, mix together the butter, cream cheese, powdered sugar, vanilla and almond extract.
If batter is too yellow for your liking, in a separate cup, mix the drops of food coloring together and stir with a toothpick. Dip the end of the toothpick in the food coloring mixture and dot it into the icing. Mix well on medium speed for 30 secs after each addition of the food coloring. When icing appears white stop adding. For mine it took about 6 dips of food coloring. Do not add too much and do not add the drops directly to the icing - otherwise, you will end up with violet colored icing.
Notes
If you prefer a white cupcake just leave the coloring out.