The England Under-21 captain played an instrumental part in the 3-1 victory over North-East rivals Middlesbrough on Monday night by kick-starting a rousing comeback with the equaliser in the relegation tussle.
But Taylor has put his club's move out of the bottom three at the expense of Hull City down to Shearer who savoured victory for the first time since he succeeded Joe Kinnear in the manager's office six weeks ago.
"Everything is down to Alan Shearer because of what he gives to us as players and the whole football club," Taylor said.
"As a team when you've got him in the dressing room giving the team-talk you want to do well for him. You can see that right the way around the dressing room. Everyone wants to give 110 per cent. I'm absolutely delighted for him as well that we've got him his first win.
"I've got a lot of respect for Alan and him to thank but I was delighted I got my chance and I hope I repaid him. He has worked hard with Iain Dowie and the rest of the coaching staff. The training has been harder and it's nice that it's paid off.
"But here's another huge game on Saturday against Fulham at St James' Park. We produced a good team performance against Middlesbrough and now we've got to take it on. Now can do we the same against Fulham?
"We can't dwell on this victory. We've got to use it as a stepping stone and we want to take maximum points from the last two games of the season."
Newcastle's survival prospects looked dim in the Tyne-Tees derby when Habib Beye inadvertently put the visitors ahead with an early own goal but Taylor equalised before substitutes Obafemi Martins and Peter Lovenkrands struck to push Boro to the brink of Championship football.
"That was the most important goal I have ever scored for this club and probably will ever score for this football club," Taylor added.
"That was the best feeling ever to score the goal for this club and it kick-started us.
"I was delighted to win and when that final whistle sounded there was just a sense of massive relief more than anything else. It was thoroughly deserved.
"We had to be patient. We had plenty of possession and some of our football was absolutely fantastic. The crowd were magnificent as always but that was the best I've ever heard them.
"It was a magnificent feeling when Oba's goal hit the back of the net. It was a massive relief. I had a really good view of it as well.
"I think the ball must have hit Peter's shin for his goal because he doesn 't get many like that in training. But he's done well. He came on and changed the game.
"It was a great performance and it was the first time we've come from a goal down this season so that's another positive and we've got to take that on now to Fulham on Saturday.