Yes you can have withholding taken out of your SS or you can increase withholding on something else to cover the tax.
Yes your SS benefits can be reduced if you make too much.
If you are over full retirement age your actual ss checks won't be reduced. Otherwise they will actually reduce your payments if you make too much other income in the prior year. See SS FAQ for working after retirement
https://www.ssa.gov/benefits/retirement/planner/whileworking.html
First year special rule
https://faq.ssa.gov/en-US/Topic/article/KA-01927?msclkid=11bc282ccf2211ecb65078152b05ae6b
See page 5 for the special first year rule
https://www.ssa.gov/pubs/EN-05-10069.pdf
