Position the combination square against the side of the tread with the rule extending across the top of the tread and the 45-degree angle across the tread nose. Draw a line across the nose at a 45 degree angle that extends from the front of the nose toward the top of the tread.
Place the nose molding with the flat edge down on a flat surface. Loosen the combination square adjustment screw. Place the end of the rule that extends from the flat edge of the square's body against the flat surface and slide the body down until it contacts the molding. Tighten the adjustment screw.
Hold the combination square body against the side of the tread with rule extending onto the tread top. Mark the nose molding depth on the tread near the front and rear of the tread. Position the framing square with the long leg against the rear of the tread and the short leg aligned with the two marks and draw a front to back line to intersect with the line drawn at a 45-degree angle.
Cut along the line from the rear of the tread with the circular saw until the blade reaches the line drawn at a 45-degree angle. The top of the cut reaches the line, but the underside of the cut does not. Complete the cut with the hand saw. Cut along the 45-degree angle line with the hand saw until reaches the straight cut that began at the rear of the tread.
Place a piece of stair nose molding flat side down on the miter saw and set the bevel angle to 45 degrees. Cut off the end of the molding. Hold the molding against the side of the tread with the angle cut end against the miter-cut tread nose. Mark the rear edge of the tread where the molding's flat edge meets the side and rear of the tread.
Put the molding on the miter saw table, flat side down and cut an opposing angle to the first cut through the rounded top of the molding to the mark. This leaves the rounded nose of the molding longer than the flat, rear side of the molding. The two angle cuts are in opposite directions. Set the miter cut molding return to the side and put the cut-off molding on the saw.
Set the bevel angle to zero degrees on the miter saw. Align the blade to cut off the angled end of the molding so that only the angled part remains. Cut off the angled end and save it for completing the return after tread installation.
Apply wood glue to the back of the miter cut return molding and to the side of the stair tread. Hold the molding against the side of the tread. Align the miter cuts and make the edges flush with the tread. Shoot two brads through the molding into the return. Wipe off the glue that squeezes out immediately with a damp rag.
Measure the width of the stair tread from the added nosing return and mark the tread width using a front to back line. Cut the tread off on the side opposite the new nosing return with the circular saw along the line. Repeat the previous steps to add a mitered return to the other side of the tread.
Install the angle cut nose moldings that you saved, after the tread is installed and the open skirt trim piece is in place. Apply wood glue to the nosing piece and the tread and clamp the piece in place. Allow the glue one hour to dry. Drill a 1/16-inch pilot hole through the piece and add a single finish nail.