If take sim card out of iPhone, will it remove everything?

Such as my notes, pictures, et cetera? I want to sell it

No you just won't be able to call anyone

No, all data is stored on the internal storage chip. Now that phones have internal/external storage, the SIM Card stores nothing but the phone number and carrier information.

No. All your personal stuff is stored in internal memory in your phone.

No. The SIM card just stores your carrier info.
Best bet would just be to reset the phone although i'm not too familiar with Iphones to be able to say that is the only thing you would need to do to remove everything from your internal storage.

You don't loose any data on your phone.

Only the stuff on the card will be lost from the phone