How can I remove or cut off this screw?

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I'm making a desk by using two two-drawer file cabinets and putting a wood top on them. I'm not very skilled at all with my electric screw driver/drill nor with cutting wood and things, but I'm determined. It doesn't have to be beautiful -- just usable. :-) One file is 2 inches shorter than the other one so right now I'm making a 2-in. platform for the shorter one to sit on. I found scrap wood in the garage to construct this from. Soooo, I've successfully screwed in 3 of the 4 screws I need for part of this. But one, as you see here, one didn't go all the way in and the Phillips head slot has been ruined. I need to cut this off even with the wood. I have a Harbor Freight Chicago Electric multifunction tool. Would it cut this screw flush with the wood? If so, can you post a pix of the bladel I need to use in it to accomplish this? OR, is there another way to do this? I know that my neighbor can do it but he's at work and won't be home until this evening and I'd really like to make some progress on this this afternoon.
q how can i remove or cut off this screw
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