Preheat oven to 350 degrees F. Prepare 3 (8 inch) round cake pans. Line bottoms of pans with wax paper or parchment. Spray with cooking spray and dust with flour. Set aside.
For the Cake:
In a medium bowl stir or sift the first four ingredients together and set aside.
In a large bowl beat the eggs and the next four ingredients together. Gradually add the dry ingredients into the wet to incorporate. Fold in the carrots and remaining ingredients.
Pour batter evenly into the prepared cake pans.
Bake for 25-30 minutes on center rack of oven or until a toothpick comes out clean.
Let cool for 15 minutes in pans then loosen edges of cake from pan with a butter knife and flip cakes onto a cooling rack and cool completely before frosting.
For the cream cheese frosting:
In a medium bowl cream the butter and cream cheese for 3-5 minutes until smooth and fluffy.
Gradually add confectioner sugar a cup at a time mixing between each addition. Add vanilla extract and mix on high for 3 minutes to produce a creamy fluffy frosting. If frosting still seems too runny you can add more powdered sugar a half cup at a time to attain desired thickness.