How to remove screw?

Dismantle that part of the bed enough to move the parts that are in the way of you gripping the screw with pliers to unscrew it.

Glue and easy-outs are not going to solve your problem, and neither will a pair of pliers if the screw head is sunk below the surface of the wood.  If the screw spins in the hole the only way I can think of is to attack it from the opposite side.  Can you drill a hole on the opposite side of the bed frame directly in line with the screw?  If you can then you may be able to get a rod and put it into the hole and pound the screw out from behind.  Replace it with a bolt, not another screw.

No. Magnetic bits probably won't help. Get something to push with on the screw tip while you SLOWLY  back it out. 

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WRONG FORUM. You're in the  Cars & Transportation Maintenance forum. Next time, go to the Home & Garden category where there is also a maintenance and repair forum. 

Vice Grips should be able to grab it and yank it out or twist it out.

Crazy glue or maybe a hot glue gun the screw driver bit into the head of the screw, let it dry properly and then gently pull on the bit as you unscrew it.

A picture would have HELPED A LOT.  Magnetic bits are not strong enough.

Need to know if bed frame is wood or metal or plastic.  Without a picture or 2 or video and an explanation it is pretty impossible to say what to do.

get a EASE OUT from autozone and follow the directions it will get it out without harming the bed but youll need a new screw

If the screw is magnetic, that might help. A couple of thoughts: how about a paper clip hook under the screw head to help you pull on it. Or a dab of good glue on a screwdriver.

Screw out with a pair of pliers.