In a large bowl, whisk together the flour, salt, black pepper, garlic powder, paprika, and cayenne pepper.
In another bowl, pour the buttermilk.
Dip each calamari ring into the buttermilk and coat it in the flour mixture. Shake off the excess and place the coated calamari rings on a plate or baking sheet.
Heat about 2 inches of vegetable oil over medium-high heat in a large, deep pot or Dutch oven until it reaches 375°F.
In batches, fry the calamari rings until golden brown and crispy, about 2-3 minutes per batch.
Use a slotted spoon to transfer the fried calamari to a paper towel-lined plate to drain excess oil.
Serve the fried calamari hot, with lemon wedges and your choice of dipping sauce.