The degree of BA for the ordination as deacon means that this person is clearly FOSTER: Taylor, John, s. Joh., of Wheathill, Salop, p.p. Balliol Coll., matric. 6 Apr. 1704, aged 15, BA 11 Feb. 1707-8, MA 1713; perhaps rector of Salwarpe, Worcs, 1722. See Foster's Index Eccl.
But note that there is another John Taylor of Balliol who received his MA in 1707. It is possible that the record of ordination as P relates to this earlier JT, but it seems more likely that it relates to the latter.