We present a detailed analysis and optimization of the variational quantum algorithms required to find the ground state of a correlated electron model, using several types of variational ansatz. Specifically, we apply our approach to the atomic limit of the Anderson model, which is widely studied in condensed matter physics since it can simulate fundamental physical phenomena, ranging from magnetism to superconductivity. The method is developed by presenting efficient state preparation circuits that exhibit total spin, spin projection, particle number and time-reversal symmetries. These states contain the minimal number of variational parameters needed to fully span the appropriate symmetry subspace allowing to avoid irrelevant sectors of Hilbert space. Then, we show how to construct quantum circuits, providing explicit decomposition and gate count in terms of standard gate sets. We test these quantum algorithms looking at ideal quantum computer simulations as well as implementing quantum noisy simulations. We finally perform an accurate comparative analysis among the approaches implemented, highlighting their merits and shortcomings.