Correct. IRS regulations impose a higher withholding tax rate (22%) for a bonus than for regular wages. You'll also still have the 7.65% deduction for FICA and State or local income taxes (if applicable). So here's how these deductions whittle away at your $200:
Bonus lump-sum: $200
22% Federal withholding: (44.00)
7.65% FICA withholding: (15.30)
Estimated 6% state/local WH (12.00) (some states don't have state/local income tax)
Net proceeds: $128.70