I have a 05 ford Taurus and I was hit on the driver side in the rear door/quarter panel and tire area. Doors busted fine with that but my tire looks bent and there’s a lone spring hanging underneath? Is it from my suspension or is it something else??
Looks like the emergency brake cable end to me.
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To me it looks like a strut. A “coilover”, actually, rather than a strut.
I implore you not to drive this vehicle until it’s repaired. It isn’t safe.
Why isn’t the other persons insurance taking care of this or was this a hit and run?
My first impression was the same a mountainbike’s, namely that this was a strut.
However, on second glance I think that this mystery part is too close to the centerline of the car and too far from any wheel to be a strut or other suspension part.
Additionally, it appears to be adjacent to the e-brake cable that is suspended to the right of the picture.
I would suggest that the OP apply the e-brake, and then put the transmission into Drive.
If the e-brake holds the car in place, then the dangling/disconnected part isn’t part of the e-brake mechanism.
If the e-brake is not able to hold the car in place, then it is probably the part that Bing believes it to be.
Can the OP take another photo showing just how close this dangling part is, in relation to the rear wheels?
In any event, this is a situation that calls for the car to be put on a lift for inspection and repair by a qualified mechanic.
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Definitely not a coil over strut, too small and no strut. Probably the emergency brake spring.
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I have to agree. It appears to be a solid rod inside the coil. I quit bending wrenches and busting knuckles in 2002 so I have no idea what a 2005 Taurus rear suspension is supposed to look like.
That looks like a chassis damper to control vibrations.
If a wheel was bent and parts were knocked loose underneath, this car needs to go to a body shop for a complete examination of the suspension. It very well might not be safe to drive.
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Hit and run
That picture sure looks like it was hit on the “passenger side” not the driver’s side unless Ford changed something or I’m not awake yet. At any rate that’s the reason for collision insurance. Just go have the body shop take a look and get an estimate. Then on to your agent. If they ever find the guy that hit you, they’ll sue for your deductible.
That last picture makes it look an awful lot like the linkage to the rear brake proportioning valve. When the rear axle got hit it probably shifted and knocked it loose or broke it.
It adjusts rear brake pressure depending on the weight in the car to help prevent premature rear wheel lockup.
I am certain that’s what it is. The above picture is of ford Tauruses rear proportioning valve.
I think you can drive it as is, but your rear brakes might be doing too much or too little of the work. Best thing is to have it towed. Others can probably advise better than I can.
Many years ago I had a car and that spring rod broke or rusted off, I simply removed it and it was ok, but I don’t recommend doing that long term. The car I had was a clunker and i was younger and stupider back then.
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WhoSaidRick nailed it!
Having seen the new photos, I agree.
However, I respectfully disagree that it can be safely driven as-is. If that hangs up on something it could rip the brake lines open. Better to err on the side of safety. 
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The part that is hanging is connected to the rear axle, so if it did snag it would rip it from the axle, which I suppose could fling it up into the brake lines, but I feel that is unlikely. If the OP is going to drive it maybe they can tape it up? Of course part of the braking system IS damaged, so really it should not be driven.
Lets face it, Ford didn’t put that Rube Goldberg looking Contraption on the car because they wanted to spend extra money on each Taurus they made, Obviously they feel its important! 
This I agree with 100%
That there thing helps the proportioning valve decide how much braking goes to the rear brakes by determining the load on the rear suspension.