Yes, you can estimate your weekly pay that way.
However, since months aren't exactly 4 weeks long, you'll get a closer estimate by multiplying by 12 and dividing by 52:
$449
$472
$498
$523
$546
(depending on amount of time in)
ALSO your pay is not divided 50/50 between the 1st and 15th. You'll usually get more on the 1st.
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