This paper is a comprehensive study of different formalisms used to simulat
e polar magneto-optical (MO) effects in multilayers. A development of the 4
x 4 matrix calculation to first order in off-diagonal elements of the perm
ittivity tensor gives original analytical expressions. They allow to expres
s the MO effects in multilayers as a sum of contributions from individual l
ayers. Each contribution consists of two components assigned to the interfa
ce and propagation effects. The explicit expressions for multilayers contai
ning up to seven layers, together with those obtained in the frame of an ul
trathin layer approximation, are shown to be useful both in a qualitative c
omprehension and in quantitative simulations of the experimental MO Kerr sp
ectra of a wide variety of ultrathin magnetic structures. They can be used
to separate the different contributions arising from the interfaces due to
intermixing or spin polarization (including interface roughness) as well as
to simulate magnetically coupled multilayers. As an example, the analytica
l expression is provided for a system consisting of two ultrathin films sep
arated by a non-magnetic spacer and deposited on a non-magnetic substrate.
The capabilities of the analytical expressions are demonstrated on MO spect
roscopy in a broad spectral range of some well characterized ultrathin magn
etic structures.