When it gets down to four or so here (Fahrenheit) I have to really layer for the commute. Fortunately I'm not really prone to cold digits so just regular wintery gloves will do, but some of my buddies need a double layer there. I wear the heavy socks and my hole-less shoes (or two pairs of lighter socks)). One of my two pairs of genuine wicking long-underwear ski-type thingies underneath (top & bottom), tights over that, sweats over that.
For tops its a wicking layer and t-shirt and long-sleeve something (sweat or T shirt), and two windbreakers. (I have a serious coat but it's too warm even on its own once I get pedaling and it's too bulky.) If htat wicking layer is hiding from me, then t-shirt, long-sleeve T and sweat-shirt will do it.
I get alligator ankles if I'm not careful to keep that area covered and lotioned.