The penalty is only 10% ($23 if you had $230 in the 401K). The rest is part of the tax that you will owe when you do your taxes next year.
If you cash it, then when you do your taxes next year, you get taxed on the $230, plus there is the 10% penalty, but you get credit for what was withheld, so you owe whatever the tax on $230 is, MINUS $22 (you owe the tax plus $23 penalty minus $45 already taken).
For a certain amount of time after the money went out of the 401K, you can put it into an IRA to avoid the tax and penalty. You have to put the entire amount that had been in the 401K (both what was paid to you and what was withheld for tax) into the IRA. If you do this in time, then you get back the $45 when you do your taxes next year.
You may or may not have the option to put it into the new employers 401K, depending on their rules. If they allow it, then the same tax rules apply as if you were putting it into an IRA.