Jaden Smith Earned Seven-Figure Salary for 'Karate Kid' (Report)

Jaden Smith Will Smith 2011
Gareth Cattermole/Getty Images

LONDON, ENGLAND - JULY 15:  Jaden Smith (L) and father Will Smith attend the UK Film Premiere of The Karate Kid at Odeon Leicester Square on July 15, 2010 in London, England. 

The actor was 10 years old when he signed on to star in the hit movie.

While some 10-year-olds are just happy to get a weekly allowance, Jaden Smith pulled in a whopping seven-figure payday for his hit film The Karate Kid, according to TMZ.

The 12-year-old actor, who was only 10 when he signed on the star in the movie, earned a total upfront fee of $1 million, according to his contract, a copy of which TMZ said it had obtained.

Smith's back-end deal for the film -- which earned $176.6 million domestically and a total of $359.1 million worldwide -- earned him a $2 million bonus. But, according to TMZ, Smith likely made even more money based on several additional in-contract perks.

Smith made his big-screen debut opposite his father, Will Smith, in 2008's The Pursuit of Happyness. His only other film credit is that year's The Day the Earth Stood Still.

As The Hollywood Reporter first reported, Cyrus Voris and Ethan Reif (Bulletproof Monk) were tapped by Sony in August to write the sequel to the movie, which also stars Jackie Chan.