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There is no formula. Look at the different countries on Earth and the % of GNP spent on defense to see why I state that fact. It is ENTIRELY situational.
The CIA has revised its World Factbook site, but it is still usable. That would be a good starting point to get some idea as to how much money might be spent on the military. It does give the government type as well, which is somewhat usable with the Traveller types. Other sites have older versions of the book for those who would like to use it without being online. It is located here.