Jaden Smith 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.

Jaden Smith Is Highest Paid Hollywood Child Actor

The winning continues within the Smith Empire, as Will and Jada’s son, Jaden Smith, recently became the highest paid child actor.

According to reports by the Daily Mail, the 12-year-old actor was paid a 1 million dollar upfront salary, and 2 million dollar bonus from box office profits for his role in the remake of The Karate Kid.

Jaden Smith has also starred in the 2008 film The Day the Earth Stood Still, and along side his father in the 2006 movie The Pursuit of Happyness.

Jaden’s next movie, Amulet, where he appears along with his sister, singer/actress Willow Smith, is set for release in 2012.