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The analysis of complex structures consisting of fibers, films, birefringent, and magnetic materials is greatly aided by the availability of an analysis structure. Jones calculus is typically utilized in the course of such analyses. However, standard Jones calculus does not account for the effect of reflections. An improved formulation for the characterization of Faraday rotation that alleviates this shortcoming is reported here and is integral for the proper analysis of devices employing magneto-optic effects.