Today @ 14 F (with a whiteout) I wore:
Thermal underwear (top and bottom) and wool socks
Jeans, a long-sleve shirt and some worn-out sneakers
Waterproof breathable jacket, balaclava, clear double-lens goggles, helmet with waterproof cover, and heavy mittens.
I enjoyed a trip to the local laundrymat (3 - 4 miles). Did some laundry. Freaked out a few people (They couldn't believe I was riding a bike in the snow). Then went home.
I could have worn my waterproof pants but it was too cold for the snow to melt. I just brushed it off at the end of a ride.
The thermals seem to make the difference.