Side pots questions?

Say you have four players left and their remaining stakes are as follows:

Player 1 $500

Player 2 $300

Player 3 $150

Player 4 $350

Player 1 goes "all in" and the remaining players call. You'd take the $150 of Player 3's all in from the remaining players and that would go into the main pot. Next you take the $150 left from player 2 and take that amount from the two other players. That would be your first side pot. Lastly take the remaining $50 from player 4 and take the same from player 1. That would be the second and final side pot. Correct?

The first decision is on the last side pot between players 1 and 4. Say player 1 beats player 4. Player 4 is out of the game for good and is not able to win any other remaining pots? Correct.

Please correct me if I'm wrong. Thanks.

thats right

Yes, since player 1 is involved in every pot player 4 is in, and player 1 beats player 4 he would beat him for every pot