Estimation of the bearing capacity of shallow foundations on layered soil profiles, such as a sand layer of finite thickness over clay, is mainly based on empirical models resulting from the interpretation of experimental test results. While it is generally accepted that such models may be applicable to soil properties and footing geometries outside the range tested experimentally, they offer limited insights on how the assumed failure mechanism affects their range of application. In particular, the contribution of the sand layer to the overall capacity is accounted for via simple considerations, which are valid only for a specific range of problem parameters. This paper addresses the estimation of the undrained bearing capacity of a rigid strip footing resting on the surface of a sand layer of finite thickness overlying clay, using finite element limit analysis (FELA). The rigorous upper and lower bound theorems of plasticity are employed to bracket the true bearing capacity of the footing, and identify the geometry of possible failure mechanisms. Insights gained from FELA simulations are used to develop a new simple bearing capacity model, which captures the variation in shear resistance from the sand layer with the dimensionless undrained strength of the clay layer. The proposed model provides results that are in close agreement with published experimental studies, and allows treating simple problems, such as the design of working platforms, without having to resort to numerical simulations.