When a transparency printed with a first halftone color is deposited on top of a paper printed with a second halftone color, we obtain a third color that we are able to predict in both reflectance and transmittance modes, thanks to a spectral prediction model. The model accounts for the multiple reflections of light between the printed paper and the printed transparency, which are themselves described by specific reflectance and transmittance models, each one being calibrated using a small number of printed colors. The model can account for light scattering by the inks. The measuring geometry and the orientations of light in the transparency are taken into account on the basis of radiometric rules and geometrical optical laws. Experimental testing carried out from several inkjet-printed CMY halftones shows fairly good agreement between predictions and measurements.