Place oven racks in the middle of the oven. Preheat oven to 350 F degrees. Prepare pan by greasing and lining the bottom of an 8-inch round by 4-inch deep baking pan with parchment or wax paper. (Note: in some countries, it is also called baking paper).
In a bowl, sift together the dry ingredients : flour, baking powder, baking soda and salt. (Note: to sift you can either strain them through a fine mesh wire sieve or else use a wire whisk and mix the dry ingredients around very well).
Using the mixer, cream the softened butter on medium speed till light and creamy. While the mixer is running, add the sugar gradually. Scrape the sides of the bowl with a spatula so ingredients get to the center of the bowl. Add the whole egg, then the egg yolks one at a time.
Lower the mixer speed. Add the dry ingredients, alternating with the milk. Begin and end with the dry ingredients. Continue mixing for a minute till smooth and well blended.
Pour the batter into the prepared pan. Bake cake at the preheated 350 F oven for 45 minutes. Test for doneness by piercing a toothpick in the center - if it comes clean, then cake is done.
Cool cake on the counter for 5 to 10 minutes. Then invert it over a cake rack to unmold. Peel away the wax or parchment paper. Cool the cake for 30 minutes. Then keep in a covered cake container.
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