As stated in the IRS website under Spousal IRA's - https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-li...
If you file a joint return, you may be able to contribute to an IRA even if you didn’t have taxable compensation as long as your spouse did. Each spouse can make a contribution up to the current limit; however, the total of your combined contributions can’t be more than the taxable compensation reported on your joint return.
So, yes you can contribute to an IRA since your spouse has taxable compensation and you will be filing as Married Filing Jointly.
Since your spouse has taxable compensation of $40,000 she can contribute up to $7,500 to her IRA and you can contribute up to $7,500 to your IRA.
An IRA is per person, not combined, hence the name Individual Retirement Account.
