There is a single, simple cmd.exe command for this (through PowerShell v5.0+).
To zip:
powershell Compress-Archive -LiteralPath 'C:\mypath\testfile.txt' -DestinationPath "C:\mypath\Test.zip"
To unzip:
powershell Expand-Archive -LiteralPath "C:\mypath\Test.Zip" -DestinationPath "C:\mypath" -Force
Sources:
Special thanks to @Ramhound.