We analyze the ground-state energy, local spin correlation, impurity spin polarization, impurity-induced magnetization, and corresponding zero-field susceptibilities of the symmetric single-impurity Kondo model on a tight-binding chain with bandwidth where a spin- impurity at the chain center interacts with coupling strength with the local spin of the bath electrons. We compare perturbative results and variational upper bounds from Yosida, Gutzwiller, and first-order Lanczos wave functions to the numerically exact extrapolations obtained from the density-matrix renormalization group (DMRG) method and from the numerical renormalization group (NRG) method performed with respect to the inverse system size and Wilson parameter, respectively. In contrast to the Lanczos and Yosida wave functions, the Gutzwiller variational approach becomes exact in the strong-coupling limit , and reproduces the ground-state properties from DMRG and NRG for large couplings , with a high accuracy. For weak coupling, the Gutzwiller wave function describes a symmetry-broken state with an oriented local moment, in contrast to the exact solution. We calculate the impurity spin polarization and its susceptibility in the presence of magnetic fields that are applied globally or only locally to the impurity spin. The Yosida wave function provides qualitatively correct results in the weak-coupling limit. In DMRG, chains with about sites are large enough to describe the susceptibilities down to . For smaller Kondo couplings, only the NRG provides reliable results for a general host-electron density of states . To compare with results from Bethe ansatz that become exact in the wide-band limit, we study the impurity-induced magnetization and zero-field susceptibility. For small Kondo couplings, the zero-field susceptibilities at zero temperature approach , where is the regularized first inverse moment of the density of states. Using NRG, we determine the universal subleading corrections up to second order in .