The electronic and magnetic structures of ultrathin films made of a ferromagnetic and a nonmagnetic material are theoretically investigated by means of magnetic dichroism in spin- and angle-resolved core-level photoelectron spectroscopy. How these properties manifest themselves in the photoemission intensities is analyzed with a focus on the interface between film and substrate. The dependence on both exchange and spin-orbit splitting, magnetic ordering, core-level shift and on the thickness of the covering layer are investigated in detail. Ultrathin films of Fe and Pd serve as prototypical systems because of their large exchange and spin-orbit splittings, respectively.